Philippine Savings Bank said May 21 that it plans to raise up to 15 billion pesos through the issuance of long-term negotiable certificates of time deposits.

The certificates will be issued in two or more trances over a period of one year and will have a tenor of 5.5 years. The final terms of the issuance, such as the offer period and interest rate, will depend on market conditions.

The bank said the issuance will allow it to access long-term funding to further expand its consumer banking business.

The issuance is subject to the approval of the central bank.

As of May 21, US$1 was equivalent to 52.36 Philippine pesos.