Philippine National Bank board OKs up to PHP 20 billion negotiable CDs

By Marisa Wong

Morgantown, W.Va., July 22 – Philippine National Bank notified the Philippine Stock Exchange, Inc. on Friday that it plans to issue up to PHP 20 billion of long-term negotiable certificates of time deposit in one or more tranches.

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 to extend the maturity profile of the bank’s liabilities as part of overall liability management and to raise long-term funds for general corporate purposes.

The commercial and retail bank is based in Pasay City, Philippines.

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