The Market Monitor Minding the Nation's Business
The Philippine National Bank (PNB) has sought the Bangko Sentral ng Pilipinas’s (BSP) approval for the sale of P20 billion worth of long-term negotiable certificates of time deposit (LTNCD), the proceeds from which it intends to use for debt rollover.
The Lucio Tan-led PNB, which celebrated its 100th year on July 22, said its board approved the issuance of the LTNCDs in one or more tranches, subject to the approval of the BSP.
“The proceeds will be used to extend the maturity profile of the bank’s liabilities as part of overall liability management and raise long-term-funds for general corporate purposes,” the PNB reported.
The PNB board also approved a cash dividend of P1 per share, or a total of P1.25 billion, to be taken out of the unrestricted retained earnings of the company as of March 31, to be distributed to all stockholders of record as of August 19, 2016, and payable on or before September 15, 2016.
The board also elected Felix Enrico Alfiler, Federico Pascual and Cecilio Pedro as Corporate Governance Committee members in place of Christopher Nelson, Florido Casuela and Michael Tan.
Nelson was appointed trust committee member in place of Pedro, and Casuela and Tan as board oversight committee-domestic and foreign offices/subsidiaries members in place of Alfiler and Pascual.
The PNB board approved on June 24 the infusion of additional capital of P500 million in PNB Capital and Investment Corp.
The bank also disclosed the board’s approval on the revisions of the PNB Charter in the composition of board committees.
It also approved the promotion of Teresita Sebastian as senior vice president of the bank and the change in rank of Ma. Adela Joson to senior vice president, effective July 1, 2016.
Finance Secretary Carlos Dominguez III also cited the PNB as a “tower of strength” in the banking industry that has, over the past century, lived up to its role as “capital provider” in Philippine industry.
RIZA LOZADA