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)

Apr 16, 2018

2. SEC Identification Number

PW-686

3. BIR Tax Identification No.

000-263-340-000

4. Exact name of issuer as specified in its charter

Philippine Bank of Communications

5. Province, country or other jurisdiction of incorporation

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

PBCOM Tower, 6795 Ayala Avenue cor V.A. Rufino St., Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(632)830-7000

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 Shares	480,645,163

11. Indicate the item numbers reported herein

Item no. 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 Bank of CommunicationsPBC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
PBCOM CORE BUSINESS DRIVES NET INCOME GROWTH
Background/Description of the Disclosure
Philippine Bank of Communications’ (PBCOM) focus on growing its core business and delivering productivity gains carried on to 2017 as reflected in its performance. PBCOM reported a full-year consolidated net income of P718.7 Million for fiscal year ended 31 December 2017. Robust growth in the parent bank’s lending activities and supported by its deposit-taking activities, sustained the momentum from 2016. PBCOM’s loan portfolio expanded to P53.4 Billion, with Corporate and Middle Market segments accounting for 76% of the loans and Consumer Finance growing to 24%. Interest Income on loans, which registered a 10.8% growth to P3.2 Billion, contributed largely to the improvement in Operating Income. The loan portfolio growth was funded largely by Low cost deposit which expanded by 23.7% or P5.3 Billion and made up 39.2% of the Bank’s total deposit source. The efforts to strengthen low cost deposit generation helped contain the increase in Interest Expense to a marginal 2.0%. Curbing the interest expense increase together with cost efficiency helped PBCOM achieve an enhanced Return on Asset of 0.77% from 0.49% in 2016. The final tranche of the committed capital infusion of PG Holdings, Inc. amounting to P1.4Billion, together with the year’s Net Income buoyed the Capital to P12.9 Billion. Return on Equity improved to 6.06% from 4.06% a year ago. PBCOM’s CAR by year end 2017 was at 15.85%. Patricia May T. Siy, President and CEO, commented, “The market environment is challenging as the Philippine banking industry remains very competitive. To remain relevant through changing times, PBCOM will capitalize on its core and distinctive strengths and take advantage of market opportunities available to it. With the support of shareholders led by PG Holdings Inc., PBCOM will be able to carry through its strategic plans that will deliver the commitment to all stakeholders – a superior service promise to its clientele and partners, a stable and strong company to grow with for the employees, and adequate returns for its shareholders.” ###
Other Relevant Information
N/A.