SM Investments Corporation announced that its Board of Directors approved a Fixed Rate Bond Program with a principal amount of PHP 50 Billion under the 3-year shelf registration facility of the Securities & Exchange Commission. Initial issuance under this program is expected later this year in the amount of PHP 15 Billion with an over subscription option of up to PHP 5 Billion. The Board of Directors also authorized Management to negotiate and finalize the terms and conditions, including pricing, tenor and any increase in issuance amount.