C00882-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 2, 2023
2. SEC Identification Number
A199701584
3. BIR Tax Identification No.
005-469-606
4. Exact name of issuer as specified in its charter
Philippine Business Bank, Inc., A Savings Bank
5. Province, country or other jurisdiction of incorporation
Caloocan
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
350 Rizal Avenue corner 8th Avenue Grace Park, Caloocan City Postal Code 1400
8. Issuer's telephone number, including area code
(02) 8363-3333
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 768,750,094
11. Indicate the item numbers reported herein
-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Philippine Business BankPBB

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Report of BusinessWorld entitled "PBB looking to get universal bank license by 2024 or 2025" published on February 2, 2023 12:03am
Source BusinessWorld
Subject of News Report "PBB looking to get universal bank license by 2024 or 2025"
Date of Publication Feb 2, 2023
Clarification of News Report

We write in connection to your request to clarify the news article posted by BusinessWorld entitled “PBB looking to get universal bank license by 2024 or 2025" published on February 2, 2023 12:03am, as follows:

“PHILIPPINE BUSINESS Bank, Inc. (PBB) is aiming to obtain a universal banking license from the Bangko Sentral ng Pilipinas (BSP) by 2024 or 2025, the lender said.

The bank also plans to expand its distribution channels to provide more products and services to its clients, particularly to small and medium enterprises (SMEs), amid challenging economic conditions this year.

The Yao-led bank said in an e-mail to BusinessWorld that it recently increased its capital in compliance with the BSP’s minimum requirement for a universal bank license.

‘The capital increase brings the bank closer to its aspiration to be a universal bank. Being a universal bank will allow PBB to grow its product and services suite and develop fee-based revenue streams,’ the lender said.

‘All else equal, the bank will likely reach the P20-billion capitalization requirement to be a unibank by 2024 or 2025. While PBB has long been vocal about its unibank aspirations, it will remain focused on servicing the financial needs of the country’s small and medium entrepreneurs,’ it said.

. . . . “

We note that the SRO and the capital raising activity as a whole forms part of the medium-term objective of the Bank to secure a Universal Banking (“UB”) license. As such, the SRO and capital raising activity will not immediately allow the Bank to meet the ¿20 billion minimum capitalization requirement needed for a UB license.

Currently, the Bank has no specific timeline as to when it can reach the ¿20 billion minimum capitalization requirement. The Bank understands that there are various factors to consider to reach this target including access to capital, regulatory requirements, and profitability. In terms of reaching this target, the Bank aims to access the capital markets and, if necessary, pursue organic growth and inorganic opportunities, and increase business volumes. Assuming all else held constant, the Bank targets to reach the ¿20 billion minimum capitalization requirement around late 2024. As such, the timeline to apply for a Universal Banking (“UB”) License would be around 2024 to 2025.
Other Relevant Information

None.
Filed on behalf by:
Name John David Sison
Designation Investment Relations Officer/VP-Head