General Announcement::Declaration of Property Dividends - Amendment

Issuer & Securities

Issuer/ Manager
BANK OF THE PHILIPPINE ISLANDS
Securities
BANKOFPHILIS US$600M4.25%N2309 - XS1841618421 - FNDB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
16-Jun-2023 13:08:34
Status
New
Announcement Sub Title
Declaration of Property Dividends - Amendment
Announcement Reference
SG230616OTHROTKG
Submitted By (Co./ Ind. Name)
Maria Ramona O. Ang
Designation
Investor Relations Officer
Description (Please provide a detailed description of the event in the box below)
Further to BPI s 14 June 2023 disclosure on the property dividend following the issuance by the Securities and Exchange Commission of the Certificate of Filing of the Notice of Property Dividend Declaration dated 13 June 2023 approving the declaration of property dividends consisting of 406,179,276 common shares of Bank of the Philippine Islands ( BPI ) held in treasury ( Property Dividend ), please be advised that the Payment Date, as fixed by the Management of BPI pursuant to its Board-delegated authority, is 16 June 2023.

Further, on 02 May 2023, BPI paid to the Bureau of Internal Revenue the final withholding tax due on the Property Dividend ( Property Dividend Tax ). In this regard, we wish to inform the Exchange that in accordance with the Property Dividend Distribution Guidelines and the Supplement to BPI Property Dividend Distribution Guidelines and Advisory to Depositary Participants disclosed through the Exchange in its reports dated 15 March 2023 and 18 April 2023, respectively, as well as the attached Property Dividend Distribution Procedures, BPI, acting only under the authority granted by the relevant stockholders, will sell a portion of the Property Dividend sufficient to reimburse BPI for the Property Dividend Tax paid. BPI shall commence the sale starting on the Payment Date.

The actual distribution of the Property Dividend shall be in accordance with the guidelines previously disclosed by BPI as amended/superseded by the attached Property Dividend Distribution Procedures.

Please note that the Property Dividend Tax shall be computed based on the fair market value of the BPI shares, which shall be the higher of its closing price in the Exchange on Declaration Date or the price at which the Property Dividend shares are crossed via the Exchange on Payment Date (the FMV ).

The ff. regulators have been duly informed of the same:
1. Philippine Stock Exchange (PSE)
https://edge.pse.com.ph/openDiscViewer.do?edge_no=2cb8493ed22cb9a29e4dc6f6c9b65995
2. Philippine Dealing and Exchange Corporation (PDEx)

Attachments

SEC 17C - Property Dividend Distribution Procedures.pdf
Total size =853K