SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Oct 5, 2023

2. SEC Identification Number

36073

3. BIR Tax Identification No.

000-508-271-000

4. Exact name of issuer as specified in its charter

UNION BANK OF THE PHILIPPINES

5. Province, country or other jurisdiction of incorporation

METRO MANILA

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UNIONBANK PLAZA, MERALCO AVENUE CORNER ONYX STREET, ORTIGAS CENTER, PASIG CITY Postal Code 1605

8. Issuer's telephone number, including area code

(02) 8841-8600

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON	2,353,746,590

11. Indicate the item numbers reported herein

ITEM 9 - OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Union Bank of the PhilippinesUBP

PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Additional Capital Infusion in Subsidiary
Background/Description of the Disclosure
Please be informed that the Bangko Sentral ng Pilipinas approved on September 21, 2023 per its Letter dated September 26, 2023, the request of Union Bank of the Philippines for additional equity investment of up to Php900.0 million in UnionDigital Bank Inc., a wholly owned subsidiary of the Bank. At the meeting of the Board of Directors of Union Bank of the Philippines held on June 23, 2023, approved the infusion of additional capital of Php900.0 Million in UnionDigital Bank Inc. (“UnionDigital”) to support business growth and to strengthen its capital position.

Date of Approval by Board of Directors	Jun 23, 2023

Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction
Additional capital to sustain UnionDigital’s growth trajectory.

Details of the acquisition or disposition

Date	Sep 21, 2023

Manner
Share Subscription
Description of the company to be acquired or sold
UnionDigital is engaged in the general business of Digital Banking, including other expanded services as may be approved by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP)

The terms and conditions of the transaction

Number of shares to be acquired or disposed	90,000,000
Percentage to the total outstanding shares of the company subject of the transaction	23.07
Price per share	Php10.00

Nature and amount of consideration given or received
The nature of consideration is cash in the amount of Php900,000,000.00
Principle followed in determining the amount of consideration
Fair Value
Terms of payment
The Php900,000,000.00 shall be paid in cash/ direct transfer and the payment terms require payment in full.
Conditions precedent to closing of the transaction, if any
None
Any other salient terms
N/A

Identity of the person(s) from whom the shares were acquired or to whom they were sold

Name	Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
UnionDigital Bank Inc. (Fresh issuance of shares)	Related Party

Effect(s) on the business, financial condition and operations of the Issuer, if any
Increase subscribed capital
Other Relevant Information
The disclosure is being amended to reflect the date of approval by the Bangko Sentral ng Pilipinas of the additional equity investment and that there are no conditions precedent to closing of the transaction.