PhilippineSavings Bank's board approved plans to redeem the bank's 3 billionpesos of outstanding Tier 2 debt, subject to central bank approval.

The unsecured and subordinated notes were issued in 2012 andare due 2022. The bank can exercise the call option for the notes five yearsfrom the date of issuance or on Feb. 23, 2017.

As of July 22, US$1was equivalent to 47.13 Philippine pesos.