THE Bank of the Philippine Islands (BPI) has issued P20.3 billion fixed-rate bonds due 2024.
The bonds, called BPI Reinforcing Inclusive Support for Micro, Small and Medium Enterprises (MSMEs) Bonds (BPI RISE Bonds), have a term of 1.5 years.
The final issue size of the BPI RISE Bonds was increased to over four times the initial target of P5 billion to meet strong investor demand.
The BPI RISE Bonds were issued under the Bank’s P100 Billion Bond Program, approved by its Board of Directors on May 18, 2022. The BPI RISE Bonds bear an interest rate of 5.75 percent p.a., payable quarterly, and are now tradable on the Philippine Dealing & Exchange Corp.
“We are grateful to our investors for their continued support and trust in BPI. We are also excited that the investments in the BPI RISE Bonds will help us empower micro, small and medium enterprises to reach their full potential and succeed in their ventures. The success of the bond offering brings BPI one step closer to realizing our vision of building a better Philippines — one family, one community at a time,” BPI president and chief executive officer Jose Teodoro Limcaoco told the local bourse Monday, Jan. 30, 2023.
The net proceeds of BPI’s offering will be used to finance or refinance the business requirements of eligible MSMEs, consistent with BPI’s Sustainable Funding Framework. (PR)