METROBANK Card Corp., the credit-card subsidiary of the Metrobank group reported the P2-billion, fixed-rate corporate note facility it floated last month was oversubscribed by P1.2 billion.

In a statement, Metrobank Card said total subscriptions reached P3.2 billion.

This is the fifth capital market issuance of Metrobank Card and the second with a two-year component. It will use the money to fund Matrobank Card’s “growing” working capital requirements and to refinance “existing obligations.”

Unit First Metro Investment Corp. was hired to manage the offer.

“Despite the current changing market conditions, the P2-billion notes facility represents a reaffirmation of our confidence in Metrobank Card Corp.’s financial strength, professional management team  and competitive position as one of the country’s fastest growing card companies,” said First Metro Investment executive vice president Jose Pacifico Marcelo.

Those that participated in the Metrobank Card float are China Banking Corp., Philippine National Bank, Allied Banking Corp., Development Bank of the Philippines, Robinsons Savings Bank, Rizal Commercial Banking Corp., East West Banking Corp., United Coconut Planters Bank and Metrobank-Trust Banking Group.

Metrobank Card is a joint venture of Metrobank and the Australia and New Zealand Banking Corp. (ANZ Bank). Metrobank’s local franchise and ANZ Bank’s specialist credit-card expertise reflect one of the Philippines’ best credit-card businesses with significant growth potential.

THE peso remains fundamentally strong and should average within target range of between P42 to P45 per dollar this year, the Bangko Sentral ng Pilipinas (BSP) said Monday.

LAND Bank of the Philippines has received P6.8 million in cash and P9.6 million in stock dividends from the Small Business Guarantee and Finance Corp. (SBGFC), the bank said in a statement.

THERE are parallel efforts to reform the excise tax on cigarettes and replace the current four-tier system with a single excise rate.

METROBANK Card Corp., the credit-card subsidiary of the Metrobank group reported the P2-billion, fixed-rate corporate note facility it floated last month was oversubscribed by P1.2 billion.