UnionBank to raise P20 billion via commercial papers

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UnionBank of the Philippines is set to raise P20 billion through issuance of debt instruments to raise fresh funds.

In a regulatory filing on Thursday, Sept. 6, the Aboitiz-led UnionBank said its board of directors approved during its regular meeting the issuance of a bond or commercial paper amounting to P20 billion.

The fundraising activity can be done in multiple tranches.

Banks can now raise fresh funds through corporate bonds with greater ease starting this month, as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas to deepen domestic capital markets. — Karl Angelo N. Vidal