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)

Mar 16, 2023

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	2,353,746,590

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 4-13 - 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 of News Article published on Inquirer.net

Source	Inquirer.net
Subject of News Report	Pending Smart vs Makati issues
Date of Publication	Mar 16, 2023

Clarification of News Report
We respond to the correspondence received via PSE EDGE on March 16, 2023, seeking clarification and/or confirmation of the news article under the Biz Buzz column entitled “Pending Smart vs Makati issues” published on Inquirer.net on March 16, 2023, which states: “. . . . ‘Techglomerate’ techs up Aboitiz-led Union Bank of the Philippines (UnionBank), the newest banking blue chip in town, has been consolidating its core businesses since its P72-billion acquisition of Citi consumer and retail banking assets in the country. We hear from reliable banking sources that UnionBank is planning to sell UBX, originally its financial technology venture studio but which has now become a leading open finance platform in the country. ’Outside the regulatory constraints [of the banking system], it will be freer to unleash the full value and can engage in more activities,’ a well-placed source said. . . . . We gather that parent conglomerate Aboitiz Equity Ventures (AEV)—which is positioning itself to be the country’s first ‘techglomerate,’ one that is driven by data science and artificial intelligence, and designed to help transform economies and communities—is the one poised to gobble up UBX. UBX will thus boost the direct tech capability of AEV, complementing the group’s newly launched Singapore-based DSAI arm, Aboitiz Data Innovation. Also, UBX can play a crucial role in public-private partnership projects since digitalization is high on President Marcos’ agenda. For instance, Aboitiz InfraCapital, in partnership with UBX and Unisys, has an existing P1-billion unsolicited proposal to digitize the claims process of Philippine Health Insurance Corp. UnionBank’s sale of UBX to AEV is expected to be finalized in the coming weeks.” There is an ongoing internal discussion about UBX’s possible spin-off or sale, but nothing has been finalized. The Bank will make disclosures as and when appropriate.
Other Relevant Information
N/A