Union Bank of the Philippines, the country’s 9th largest lender by assets, has expanded its peso bond program to P100 billion, marking a strategic move to enhance funding flexibility and support future growth initiatives.
The increase, completed on May 9, follows the approval of the bank’s Board of Directors on February 28.
Originally established in April 2019 with a P39 billion limit, the bond program was previously upsized to P50 billion in October 2023. The latest update more than doubles the program’s size, signaling UnionBank’s confidence in tapping capital markets to meet funding needs and optimize capital structure.
Under the expanded program, UnionBank may issue and sell peso-denominated, unsecured, and unsubordinated bonds in various tranches, subject to terms and pricing conditions determined at the time of each issuance. The flexibility allows the bank to respond to market conditions and investor appetite efficiently.
The bank’s bond issuances are typically used to support general funding requirements, refinance existing obligations, or invest in technology and digital infrastructure—an area UnionBank has increasingly focused on as part of its long-term strategy.
