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 3, 2017

2. SEC Identification Number

36073

3. BIR Tax Identification No.

000-508-271

4. Exact name of issuer as specified in its charter

UNION BANK OF THE PHILIPPINES

5. Province, country or other jurisdiction of incorporation

PASIG CITY

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UNIONBANK PLAZA, MERALCO AVE. COR. ONYX ST., ORTIGAS CENTER, PASIG CITY Postal Code 1605

8. Issuer's telephone number, including area code

(02) 667-6388

9. Former name or former address, if changed since last report

N/A

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	105,833,929

11. Indicate the item numbers reported herein

ITEM 9 - OTHER EVENTS

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.

Union Bank of the Philippines, Inc.UBP

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 ON THE NEWS ARTICLE ENTITLED "UNIONBANK SETS ASIDE P3B FOR 2017 CAPEX" POSTED IN THE INQUIRER.NET ON FEBRUARY 2, 2017

Source	Inquirer.net
Subject of News Report	UnionBank sets aside P3B for 2017 capex
Date of Publication	Feb 2, 2017

Clarification of News Report
This is in response to the correspondence received via PSE Edge on February 3, 2017 seeking clarification and confirmation of the news article entitled "UnionBank sets aside P3B for 2017 capex" that appeared in Inquirer.net on February 2, 2017 with the following quoted portions: “Aboitiz-led Union Bank of the Philippines plans to fork out P3 billion this year, its highest capital expenditure budget in a single year, mostly to fund the bank’s digital transformation and shift to recurring earnings stream. The P3-billion capital expenditure this year is triple the usual P1 billion that the bank had spent yearly in the past, UnionBank president Edwin Bautista said in an interview. Of the total capital outlay budgeted for this year, Bautista said P2.9 billion would be for information technology (IT) spending. . . . . This year, he said Union Bank would aim to grow its loan book by at least 30 percent, following a 31-percent expansion last year to P235.4 billion. The bank expects a ‘zero trading gain’ this year, Bautista said, adding that income this year would all come from recurring earnings such as net interest income and fees. . . . .” We confirm the contents of the above-quoted news article. Thank you.
Other Relevant Information
N/A