Union Bank of the Philippines plans to issue up to 20 billion pesos of Tier 2 notes.
The banks also plans to exercise the call option on 7.2 billion pesos of Tier 2 notes it issued, which are due 2025, according to an Aug. 23 release.
The issuance and redemption are subject to approval from the Bangko Sentral ng Pilipinas.
As of Aug. 23, US$1 was equivalent to 52.34 Philippine pesos.
