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China Banking to raise up to 50B pesos via funding program

China Banking Corp. plans to raise up to 50 billion Philippine pesos through a combination of long-term negotiable certificates of time deposit, retail bonds and commercial papers.

The proceeds from the funding program will be used for the bank's strategic initiatives and expansion, particularly in relation to the expected growth in the lending business, according to a March 8 filing with Philippine Stock Exchange.

As of March 7, US$1 was equivalent to 52.08 Philippine pesos.