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.
