East West Banking Corp. proposed to issue up to 10 billion pesos worth of bonds in one or more tranches.

The proposal was approved by the bank's board. The timing of the issuance is subject to market conditions.

Further, Rommell Narvaez resigned as senior vice president and head of bank marketing and corporate communications, effective May 15.

As of May 29, US$1 was equivalent to 52.36 Philippine pesos.