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)

Dec 23, 2021

2. SEC Identification Number

36073

3. BIR Tax Identification No.

000-508-271-000

4. Exact name of issuer as specified in its charter

UNION BANK OF THE PHILIPPINES

5. Province, country or other jurisdiction of incorporation

METRO MANILA

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UNIONBANK PLAZA, MERALCO AVENUE CORNER ONYX STREET, ORTIGAS CENTER, PASIG CITY Postal Code 1605

8. Issuer's telephone number, including area code

(02) 8667-6388

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	1,219,362,818

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 PhilippinesUBP

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
Approval of the Board of Directors of the Acquisition of Citibank and Stock Rights Offering
Background/Description of the Disclosure
Please be informed that the Board of Directors of Union Bank of the Philippines (the “Bank”), at its special meeting today, December 23, 2021, approved the acquisition of Citibank, N.A, Philippines Branch. To fund the acquisition, the Board approved the raising of additional capital of up to Php40 Billion through the issuance of additional shares from the Bank’s unissued authorized capital stock via a stock rights offering (“SRO”) to all existing shareholders. The proceeds of the SRO will be utilized for the acquisition of Citigroup’s consumer banking business in the Philippines. The Bank’s shareholders – Aboitiz Equity Ventures, Inc., The Insular Life Assurance Co., Ltd. and Social Security System – are committed to fully subscribe to their respective allocations as well as to any SRO shares not taken up by other shareholders.
Other Relevant Information
N/A