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Keisha Ta-Asan - The Philippine Star
March 4, 2025 | 12:00am
In a disclosure to the Philippine Stock Exchange, the Aboitiz-led bank said it plans to issue up to $800 million (or its equivalent in other currencies) under its euro medium term note program.
STAR / KJ Rosales
MANILA, Philippines — Union Bank of the Philippines is looking to raise fresh capital through multiple funding initiatives this year after its board of directors approved key financial moves during a meeting on Feb. 28.
In a disclosure to the Philippine Stock Exchange, the Aboitiz-led bank said it plans to issue up to $800 million (or its equivalent in other currencies) under its euro medium term note program.
The program, which was established in November 2017 and last updated in October 2020, has a total size of $2 billion, with a remaining balance of $1.2 billion available for issuance.
Moreover, UnionBank also approved the doubling of its peso bond program to P100 billion from P50 billion, with an initial issuance of up to P30 billion.
“The bank has yet to establish the timetable and other details for these issuances,” UnionBank said.
Alongside these fundraising efforts, UnionBank approved a P1.2-billion capital infusion into digital banking arm UnionDigital Bank Inc., subject to regulatory approvals.
“The infusion of additional capital of up to P1.2 billion (aims) to support UnionDigital’s ongoing business operations and enable it to deliver sustainable growth,” the bank said.
In the same meeting, the board elected Victor Alfonso Limlingan as the nominee director of the Social Security System (SSS) in UnionBank, effective Feb. 28.
Limlingan will serve the unexpired term of Santiago Dionisio Agdeppa and will hold positions in multiple board committees.
He was appointed as Social Security Commission (SSC) commissioner representing the Employer’s Group in November 2024 and was later named chairperson of the SSS risk management and actuary Committee in January 2025.
Beyond his role at SSS in UnionBank, Limlingan serves as managing director of Regina Capital Development Corp., a leading institutional stock brokerage in the Philippines. He also holds key positions in companies specializing in technology, renewable energy and real estate.
