Philippine National Bank will redeem its 3.5 billion pesos of lower tier 2 unsecured subordinated notes on May 10.

The notes were issued May 9, 2012. The bank will redeem the notes at an amount equal to the aggregate issue price of the notes plus accrued and unpaid interest.

The bank said the call option amount shall be paid to all noteholders on record as of April 25.

As of Feb. 2, US$1 was equivalent to 49.68 Philippine pesos.