UNIONBANK of the Philippines, Inc. has doubled its medium term note (MTN) program to $2 billion, it said on Tuesday.

The bank said in a disclosure to the local bourse that it has completed the update of its MTN to increase the program’s size to $2 billion from the original $1 billion.

“With the Updated Programme, the Bank may from time to time issue, offer and sell the remaining balance of the notes…or its equivalent in other currencies,” UnionBank said.

“The notes shall be issued in such form, amount, currency, tenor, number of tranches, at such interest rate, and under such other terms and conditions as the Bank may subsequently determine or approve. Details regarding each issuance or each tranche shall be disclosed at the appropriate time,” the bank added.

UnionBank launched its MTN program in November 2017. It already issued $500 million in senior debt that month.

Proceeds from the MTN program will support the bank’s debt management and lending activities, it earlier said.

UnionBank booked lower net earnings in the first semester as it continued to build up loan provisions amid the coronavirus disease 2019 (COVID-19) pandemic.

The Aboitiz-led lender’s net income slipped six percent year on year to P4.5 billion in the first six months of the year. Provisions for loan losses in the first half totaled P7 billion, the bank said.

UnionBank shares closed at P54.20 apiece on Tuesday, down five centavos or 0.09% from its previous close at P54.25 each.