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Philippine National Bank board OKs up to PHP 5 billion negotiable CDs
By Marisa Wong
Madison, Wis., Aug. 13 - Philippine National Bank notified the Philippine Stock Exchange, Inc. on Tuesday that it plans to issue up to PHP 5 billion of long-term negotiable certificates of time deposit.
The negotiable CDs were approved by the bank's board of directors but are still subject to approval 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 recently issued PHP 5 billion of 3% negotiable CDs with a term of 5½ years. The deal priced on July 25 and settled on Aug. 5.
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