State-run Development Bank of the Philippines, the tenth-largest lender in terms of assets, plans to raise P5 billion from the initial tranche of its proposed P50-billion Sustainability Bond Program aimed at financing environmental and social projects eligible under its Sustainability Finance Framework.
DBP president and chief executive Emmanuel Herbosa said during the institutional investors’ briefing at the DBP head office in Makati that proceeds from the bonds would be exclusively used to fund projects that contribute to economic inclusion; environmental objectives such as climate change mitigation and adaptation, natural resource conservation and pollution control and prevention; as well as projects that directly address or mitigate a specific social issue.
DBP’s proposed two-year bonds have an initial pricing guidance of 4.25 percent per annum with final pricing targeted to be determined on Oct. 18, 2019. This will be followed by an eight-day public offer period. Issue and listing date is Nov. 11, 2019.