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Philippine Savings Bank to increase capital stock, issue bonds

The board of Philippine Savings Bank approved a proposal to raise the bank's authorized capital stock to 6 billion Philippine pesos from 4.25 billion pesos.

The higher capital will give the bank more flexibility for any potential business opportunities in the future, according to a March 13 stock exchange filing. The capital increase is subject to shareholder and regulatory approvals.

In addition, Philippine Savings Bank will also issue up to 40 billion pesos of bonds in multiple tranches.

The offering period, interest rate and tenor of the bond will depend on market conditions, and the bonds will be listed on Philippine Dealing and Exchange Corp., according to a separate same-day stock exchange filing.

As of March 12, US$1 was equivalent to 52.96 Philippine pesos.