Philippines eyes first green bonds
The听Philippines听is preparing to offer听its first听sovereign green bonds to fund climate mitigation projects, the Department of Finance (DoF) said听on Friday.听
In a statement,听Finance Secretary Carlos G. Dominguez III said听a sustainable finance roadmap approved last month seeks to harness public and private investments to support the country鈥檚听transition to听a clean, sustainable and climate-resilient economy.听
鈥淲e are also in the process of completing our sustainable finance framework for the issuance of our first-ever sovereign green bonds,鈥 he said.听
The Finance chief听said the Securities and Exchange Commission听had听prepared the capital markets for green investments after releasing guidelines on green, social and sustainable bonds that follow regional standards.听
The sustainable finance roadmap prepared by the DoF and听Philippine central bank seeks to bridge听policy and regulatory gaps in promoting sustainable investments.听
The Philippine听roadmap听is听aligned with Southeast Asian standards for green bonds along with other international green finance standards, the听agency said.听
Fifteen Philippine banks, electric and water utilities, energy and property companies have issued听29%听or听$4.8 billion听of听ASEAN-labeled green bonds听as of听end-September, the Bangko Sentral ng Pilipinas said.听
Seven local banks have issued more than $1.15 billion and P85.4 billion of green听bonds since 2017.听
Members of the Executives’ Meeting of East Asia-Pacific Central Banks plan to adopt green investment听rules听through the Asian Bond fund by March next year.听
BSP Governor Benjamin E. Diokno said the central bank鈥檚 investment in green bonds could reach $1 billion in the next two years.听鈥斕Jenina P. Iba帽ez听
