Proceeds to fund over 2,000 loans to small businesses in the Philippines impacted by Covid-19
23 Jul 2021 |
Chito Santiago
Union Bank of the Philippines (UnionBank) on July 23 announced it is issuing its first social bond to assist micro, small and medium-sized enterprises (MSMEs) impacted by Covid-19, with an investment from the International Finance Corporation (IFC).
A member of the World Bank group, IFC is investing US$150 million in the seven-year social bond, which will be issued under UnionBank’s new sustainable finance framework. It is IFC’s first Covid-19 response social bond investment in Asia and only the second social bond of its kind in the Philippines. It also marks UnionBank’s longest-term US dollar-denominated bond to date.
SME Bank unveils RM3b sustainability sukuk for six sectors
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KUALA LUMPUR (March 15): The Asean Capital Markets Forum (ACMF) has announced the rolling out of its new five-year action plan (2021-2025) which aims to foster growth and recovery with sustainability.
Two other strategic objectives of the plan are promoting and sustaining inclusiveness, and strengthening and maintaining orderliness and resilience.
ACMF, a grouping of capital market regulators from all 10 Asean jurisdictions, said in a statement today that the plan was endorsed during its 34th Chairs Meeting that was hosted virtually by Autoriti Monetari Brunei Darussalam.
To support the strategic objectives, ACMF stressed five key priorities, namely driving higher levels of transparency and disclosure, continuing with regulatory harmonisation, intensifying capacity building, amplifying communication and awareness building, and strengthening cooperation and coordination.