Bank of the Philippine Islands (BPI) headed by bankero TG Limcaoco eyes as much as P100 billion by tapping the domestic bond and commercial paper market.
This after the listed bank’s Board of Directors approved a new PHP bond and commercial paper program during a meeting last May 18.
Proceeds of the planned fund raising activities would be used to finance general corporate purposes including the bank’s digitalization efforts as well as to refinance existing obligations.
The 170-year old bank last tapped the onshore debt market in January when it issued P27 billion worth of fixed rate bonds due 2024.
The last fund raising activity formed part of the previous P100-billion bond and commercial paper program approved by the oldest bank in Southeast Asia in late 2019.
As part of the program, BPI also issued P21.5 billion fixed rate COVID Action Response (CARE) bonds, while BPI Family Savings Bank raised another P9.6 billion via the issuance of fixed-rate bonds.