MANILA - Metrobank on Thursday said its board of directors approved the issuance of up to P20 billion in long term negotiable certificates of time deposits (LTNCD), as it looks to raise funds from a cash-rich financial system.

The bank told the stock exchange that the issuance could be done in one or more trances, with a tenor of 5.5 up to 10 years, subject to market conditions.

LTNCDS are bank products with longer tenors and offered to investors looking for higher interest rates and tax exemptions.

These are also insured by the Philippine Deposit Insurance Corp for up to P500,000 per depositor.