The Unionbank of the Philippines (UBP) will be issuing P5 billion worth of unsecured, subordinated Tier 2 notes with a 7.375% net interest rate per annum.
The offer date is up to Tuesday, October 6, 2009 and the issue date is on October 14, 2009.
The company said proceeds from the notes will be used in the expansion of its consumer loans portfolio.
What is a Tier 2 Note?
Following recent closures of rural banks in the Philippines particularly that of the Legacy Group, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) again placed one rural bank under receivership.
Effective September 18, the Philippine Deposit Insurance Corp. (PDIC) will take over The Philippine Farmer’s Bank.
Have you received this one before?
There’s an email currently circulating claiming that BPI ATMs have the capability to call the police — that is, if you were being held up, forced to withdraw money from your ATM account, and you punched in your Personal Identification Number (PIN) in reverse.
Here I go ranting about BPI (Bank of the Philippine Islands) again.
In October 2007, I wrote about the problems of some clients regarding an ATM that supposedly did not dispense cash and a branch manager who allegedly stole someone’s remittance money.
In October 2008, I ranted about not getting connected to BPI’s Phone Banking hotline after several tries in my attempt to solve my BPI Trade password problem. I wondered then if BPI’s call center was terribly undermanned or simply manned by lazy employees.
Now, I’m beginning to have these thoughts again since no one from BPI has solved my new BPI Trade account problem for more than a month now.
Deadbol. Street slang for something that is dead.
That seems to describe the status of refunds owed to thousands of depositors of the failed rural banks under the Legacy Group.
Almost six months after Legacy banks closed and declared bank holiday, majority of depositors are still not paid by the Philippine Deposit Insurance Corp. (PDIC).
Here’s another safe and relatively high-yielding instrument to place your money in. Well, it’s not really “high-yielding” compared to returns of stocks, but compared to other savings or time deposit accounts in the market, this one has one of the highest interest rates.
The bill increasing the amount of insured bank deposits to P500,000 has already been approved but, until now, very few people know when this law will take effect.
In March, the Philippine National Bank (PNB) issued Long-Term Negotiable Certificates of Deposit (LTNCD) with minimum investment amount of P500,000. This entire amount will already be fully insured, according to a representative from the Philippine Deposit Insurance Corp. (PDIC). However, she also said she herself doesn’t know when exactly the law will take effect.
So when is the effectivity date of the increased PDIC coverage of P500,000?
Update: Largest Banks in the Philippines (2009)
Banco de Oro (BDO) is now the largest bank in the Philippines, in terms of both assets and total deposits.
This is according to a report of comparative sizes of Philippine banks which I got from my bank.
Until 2007, Metrobank was the largest bank. As of December 31, 2008, however, Banco de Oro has overtaken Metrobank and has grabbed the title since.
