Philippine National Bank gets regulatory OK to issue CDs, sets issue size at PHP 3 billion

By Angela McDaniels

Tacoma, Wash., March 2 - Philippine National Bank received approval from Bangko Sentral ng Pilipinas, the Philippines' central bank, to issue up to PHP 5 billion of long-term negotiable certificates of deposit, according to a Feb. 27 letter from the bank to the Philippine Stock Exchange.

The bank said it plans to issue PHP 3 billion of the CDs but may increase the issue size up to the maximum PHP 5 billion depending on prevailing market conditions.

The main purpose of the issuance is to expand the bank's long-term deposit base.

The Pasay City, Philippines-based commercial and retail bank announced plans for the CDs on Jan. 20.

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