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Philippine National Bank to issue up to 20B pesos of LTNCDs

PhilippineNational Bank plans to issue up to 20 billion pesos of long-termnegotiable certificates of time deposit.

The bank said July 22 that the proceeds will be used toextend the maturity profile of the bank's liabilities and raise long-term fundsfor general corporate purposes.

As of July 22, US$1was equivalent to 47.13 Philippine pesos.