BDO Capital & Investment Corporation ("BDO Capital") was incorporated in the Philippines on September 8, 1998, as a  majority-owned subsidiary of BDO Unibank, Inc. ("BDO"), a Philippine universal bank listed in the Philippine Stock Exchange. BDO Capital received its license as an investment house from the Philippine Securities and Exchange Commission on November 4, 1998, and started commercial operations on March 15, 1999. BDO Capital presently conducts business as a full-service investment house with the following functions, among others: securities underwriting and trading; loan syndication; financial advisory; and private placement of debt and equity.