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Philippine Bank of Communications to issue up to 5B pesos of certificates

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Philippine Bank of Communications to issue up to 5B pesos of certificates

Philippine Bank of Communications plans to issue up to 5 billion Philippine pesos of long-term negotiable certificates of time deposit.

The certificates will be issued in one or more tranches, subject to central bank approval, according to a May 24 stock exchange filing.

Proceeds of the issuance will be used for general corporate funding, especially long-term funding.

As of May 23, US$1 was equivalent to 52.49 Philippine pesos.