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)

Oct 25, 2022

2. SEC Identification Number

24221

3. BIR Tax Identification No.

000-440-440-000

4. Exact name of issuer as specified in its charter

BANK OF COMMERCE

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

SAN MIGUEL PROPERTIES CENTER NO. 7 ST. FRANCIS STREET MANDALUYONG CITY Postal Code 1550

8. Issuer's telephone number, including area code

89826000

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	1,403,013,920

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.

Bank of CommerceBNCOM

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 Change in Use of Proceeds
Background/Description of the Disclosure
With Bank of Commerce (“BankCom”) having utilized more than 70% of its P3.367 Billion proceeds from its Initial Public Offering (“IPO”) for loans and securities purchases, BankCom’s management and its Board of Directors revisited the planned use of the remaining P940 Million for Information Technology (“IT”) capital expenditure requirements. Negotiations with IT vendors indicate that the payment scheme for IT investments will stretch over multiple years, and with the significant increase in BankCom’s profit run rate over the past year, IT investments can already be fully funded by revenues from its regular banking operations. Given this, BankCom’s Board of Directors approved during its meeting on October 25, 2022 the reallocation of the remaining P940 Million from the IPO proceeds for lending activities beginning in the 4th quarter of 2022.
Other Relevant Information
Please see the attached corresponding SEC Form 17-C duly submitted to the Securities and Exchange Commission.