Philippine National Bank to offer up to PHP 5 billion negotiable CDs

By Marisa Wong

Madison, Wis., July 17 - Philippine National Bank notified the Philippine Stock Exchange, Inc. that it plans to issue up to PHP 5 billion of long-term negotiable certificates of time deposit.

The negotiable CDs have been approved by Bangko Sentral ng Pilipinas.

Proceeds will be used for general corporate purposes and to help strengthen the bank's operations.

The Pasay City, Philippines-based commercial and retail bank said it plans to launch the offer in the coming weeks, subject to favorable market conditions and regulatory requirements.

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