Is COA Circular No. 89-296 on Property Disposal applicable to agencies holding foreclosed assets?

Disposal of Property, Plant and Equipment, Property, Plant and Equipment / By

No, COA Circular No. 89-296 provides for two exceptions to the requirement of disposition primarily through public bidding, i.e., (1) disposal of merchandise or inventory held for sale in the regular course of business and (2) disposal by government financial institutions of foreclosed assets or collaterals acquired in the regular course of business.

(Section 3, COA Circular No. 89-296 dated 27 January 1989)