Farmers and workers in the coconut industry are seen to benefit from the conversion of United Coconut Planters Bank’s (UCPB) P12 billion capital notes to preferred shares, Finance Sec. Carlos Dominguez III said.
Dominguez said the government has pushed for the strengthening of the capital base of state-owned banks and rationalizing their structures with the objective of improving their “level of service and value for their stakeholders, the Filipino people.”
He said the decision by the Philippine Deposit Insurance Corporation to convert “the capital note it held to more permanent special preferred shares in UCPB is totally in line with the above objective.” – PNA release
April 24, 2024
