RCBC doubles medium-term note program to $2 billion

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Rizal Commercial Banking Corp. (RCBC) doubled its medium-term note program to raise additional capital.

In a disclosure to the local bourse on Monday, March 5, the Yuchengco-led RCBC said it has undertaken an update of its $2 billion medium-term program, from the previous $1 billion, as approved by its board on Jan. 29.

“With the updated program, RCBC retains the flexibility to capitalize on favorable market conditions and tap the debt capital markets, while conforming to its term foreign currency borrowing strategy,” the bank said in the disclosure. — Karl Angelo N. Vidal