SME Finance Forum member Bank of the Philippine Islands (BPI) said it looks to raise P50 billion through a stock rights offering to finance expansion. According to the Manila Times, BPI said in a disclosure that the proceeds from the stock rights offer would finance a plan to accelerate lending activities across the consumer, small and medium enterprise, and micro- finance segments “to capture the positive momentum in the Philippine economy.”

“The bank will continue investing in its delivery infrastructure in order to improve both efficiency and client coverage via digitization and electronic channels, and additional BPI Direct BanKo, BPI Family Bank and parent bank branches,” it said.