MANILA - Union Bank of the Philippines on Thursday said it has raised P11 billion through the country’s first-ever offering of digital peso bonds powered by blockchain technology.

UnionBank said the digital bonds were issued through the digital registry and digital depository of the Philippine Depository & Trust Corp.

The bonds used infrastructure powered by #STACS blockchain and which was kept interoperable with the traditional trading to clearing infrastructure of the Philippine Dealing & Exchange Corp's (PDEx) Fixed Income Market, the bank said.

The Aboitiz-led bank said the digital bond offering paves the way for future utilization of blockchain technology in local capital markets.

“This pioneering issuance serves as a building block in UnionBank’s journey to embrace digitization and positive disruption in the industry. I am confident that this will be recognized globally as a game-changing digital initiative in the field of finance,” said Jose Emmanuel Hilado, UnionBank treasurer and head of global markets.

The bonds, which have a tenor of 1.5 years and a fixed rate of 3.25 percent per annum, are listed and available for trading on PDEx.

• UnionBank posts P2.6 billion net income in first quarter of 2022
• SEC approves incorporation of Union Bank's UnionDigital

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