BDO UNIBANK, Inc. on Monday started its public offering of peso-denominated fixed-rate sustainability bonds to raise at least P5 billion in fresh funds.

The papers, which make up the third issuance under its P365-billion bond program, have an indicative tenor of two years, the lender said in a disclosure to the stock exchange.

The offer period will run from Jan. 10 to Jan. 21, while the listing date is on Jan. 28.

“However, the bank reserves the right to adjust the timing of the offer,” BDO said.

The proceeds of the issuance will diversify BDO’s funding sources and finance assets under its sustainable finance framework, the bank said.

The bonds have a fixed rate of 2.9% per year, with interest payable quarterly.

The minimum investment amount is P500,000 and at increments of P100,000 afterwards.

Standard Chartered Bank is the sole arranger of the bond offer. It is also a selling agent along with BDO and BDO Private Bank, Inc. Meanwhile, BDO Capital & Investment Corp. is the financial advisor for the issue.

This issuance qualifies as an Association of Southeast Asian Nations (ASEAN) sustainability bond under the standards set by the ASEAN.

Proceeds of such issuances must be used to finance projects with environmental and social benefits.

ASEAN sustainability bond standards were developed for transparency and consistency, helping investors make informed decisions and reducing due diligence costs, the Securities and Exchange Commission said.

The bank’s net earnings in the third quarter of 2021 fell by 10.6% to P11.033 billion from P12.346 billion a year earlier.

This brought BDO’s net income for the first nine months of 2021 to P32.484 billion, jumping by 95.7% from the P16.598 billion logged in the same period in 2020. — Jenina P. Ibañez

SOME BANKS are temporarily closing or limiting the operating hours of their branches to curb an ongoing surge in coronavirus cases.

Security Bank Corp. said it is temporarily closing some branches and shortening hours to make way for cleaning and disinfection.

“In response to the recent rise of COVID-19 cases in the Philippines, Security Bank is further enhancing its healthcare protocols to prevent the spread of the virus and protect our customers and employees,” the bank said in a statement Monday.

“For your convenience, we have made sure that there is a nearby branch available for your banking needs.”

The bank is encouraging customers to transact on its website or through its mobile app.

Meanwhile, the Philippine National Bank (PNB) over the weekend said its nationwide branch banking hours will be 9 a.m. to 3 p.m. starting Monday, which means they close an hour earlier than usual.

This applies to all its branches except those in malls and the Ninoy Aquino International Airport.

“We encourage our clients to plan their banking transactions accordingly,” PNB said in a press release.

The bank also asked customers to use web-based and mobile application platforms for their transactions

PNB’s 1,731 automated teller machines and cash accept machines will continue to run.

“PNB’s Bank On Wheels will be rolled out to service areas where there are no ATMs,” the bank said.

China Banking Corp. in an e-mail on Monday said it is also temporarily closing down branches where employees showed COVID-19 symptoms.

The bank said it is using a “buddy branch system” to reduce disruptions in its operations.

“When a branch is closed, its depositors can easily transact with the buddy branch.”

Meanwhile, Philippine Savings Bank in a statement on Monday said most of its branches nationwide will be open from 8:30 a.m. to 3 p.m. from Monday to Friday.

Some of its branches are temporarily closed, while mall-based branches have different banking hours listed on the company’s website.

Metro Manila and nearby provinces are on the stricter Alert Level 3 until Jan. 15 amid a surge in coronavirus disease 2019 (COVID-19) cases after the holidays.

The Bangko Sentral ng Pilipinas said the banking industry will continue to provide services in areas under Alert Level 3. The central bank encouraged the public to use digital payment services.

Meanwhile, the Bankers Association of the Philippines said some member banks are temporarily closing down some branches or shortening operating hours. The organization asked clients to check their banks’ websites and social media channels for announcements. — Jenina P. Ibañez