Union Bank of the Philippines has secured board approval for the issuance of up to P30 billion in bonds under its existing peso bond program, paving the way for a fresh fundraising exercise subject to market conditions.

In a disclosure dated 1 June, the bank said its board of directors approved the planned issuance during its regular meeting held on 29 May.

The lender said the proposed offering will be issued under its existing Philippine Peso Bonds Program, although the timetable and final terms have yet to be determined.

“Please be informed that the Board of Directors of Union Bank of the Philippines (the ‘Bank’), at its regular meeting held on May 29, 2026, approved the issuance of up to Php30.0 billion under the Bank’s existing PHP Bonds Program,” the bank said in its disclosure.

“The Bank has yet to establish the timetable and other details for the issuance. Any issuance shall be subject to market conditions,” it added.

UnionBank’s Philippine Peso Bonds Program was established in April 2019 with a program size of P39 billion, providing a framework for the bank to issue peso-denominated bonds in multiple tranches. The program was expanded to P50 billion in 2023 and further increased to P100 billion in May 2025.

Under the program, UnionBank may issue senior unsecured and unsubordinated bonds, with specific terms, including tenor, coupon rate, and issue size, determined for each tranche.

Recent issuances under the program include the Series H and Series I fixed-rate bonds, which carried annual coupon rates of 5.88 percent and 6.02 percent, respectively.

The bonds are offered with a minimum investment of P100,000 and are intended for listing on the Philippine Dealing & Exchange Corp. (PDEx). Previous tranches, including the Series F and Series G bonds issued in 2023, raised approximately P18.17 billion.

UnionBank has yet to announce the tenor, pricing, use of proceeds, and launch schedule for the latest proposed bond offering.