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

AS096-005555

3. BIR Tax Identification No.

000-188-209-000

4. Exact name of issuer as specified in its charter

Philippine National Bank

5. Province, country or other jurisdiction of incorporation

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

PNB Financial Center, Pres. Diosdado Macapagal Blvd., Pasay City, Metro Manila Postal Code 1300

8. Issuer's telephone number, including area code

(632) 526-3131 to 70/(632) 891-6040 to 70

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	1,249,139,678

11. Indicate the item numbers reported herein

Item 9

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 National BankPNB

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
PNB to Exercise its Call Option on its P3.5 Billion Lower Tier 2 Unsecured Subordinated Debt
Background/Description of the Disclosure
We wish to inform the Exchange that the Monetary Board, in its Resolution No. 160 dated January 26, 2017, approved the request of Philippine National Bank (PNB) to exercise its call option on the P3.5 Billion Lower Tier 2 Unsecured Subordinated Debt issued on May 9, 2012, subject to compliance with Subsection X119.4 of the Manual of Regulations for Banks. In accordance with the Terms and Conditions of the Notes, the Notes will be redeemed on May 10, 2017 ("Call Option Date") at an amount equal to the aggregate issue price of the Notes plus accrued and unpaid interest thereon up to but excluding the Call Option Date ("Call Option Amount"). The Call Option Amount shall be paid to all noteholders on record as of April 25, 2017. No transfers shall be allowed from April 25 to May 9, 2017. We trust you will take note accordingly. Thank you.
Other Relevant Information
None.