Union Bank of the Philippines, the lending arm of the Aboitiz Group, said Monday its board approved the increase in the size of its peso bond program to P50 billion.
The peso bond program was initially planned at P39 billion.
Union Bank said the bonds will be issued in tranches, with the first issuance expected to raise P30 billion.
The lender told the stock exchange that it “has yet to establish the timetable and other details for the issuance.”
In April 2019, the year before the declaration of the COVID-19 pandemic, Union Bank planned to raise P39 billion from a bond sale whose proceeds would have been used to expand its funding base, support business expansion plans, and for other general corporate purposes.
