ASA Philippines Foundation Inc. the country’s leading microfinance non-government organization, raised P5 billion from the issuance of corporate notes classified as gender bonds.
ASA Philippines said in a statement it would use the proceeds from the five-year corporate notes to expand its lending business, which wholly targets women as principal borrowers to empower them and achieve financial inclusion for the vulnerable, indigent female sector.
It said that due to the intended beneficiaries, the corporate notes issuance was appropriately classified as a gender bond, the first of its kind in the country. The classification was certified by social bond second-party opinion provider DNV.
“We are excited to expand our operations and help as many more Nanays as we can to make us worthy of the ASA brand and the Gender Bond certification granted to us. We started working on lowering our fees substantially to provide maximum benefit to the poor, and we hope that this will set an example not just for the microfinance NGO sector, but also for the private sector in general,” ASA Philippines president and chief executive Kamrul arafder said.
The notes were jointly arranged by BDO Capital & Investment Corp. and the Investment Banking Group of the Land Bank of the Philippines. The notes were issued on July 5.
“We at BDO Capital and LandBank are extremely proud to be a part of this landmark issue that combines excellent corporate credit and a noble social cause,” said BDO Capital president Eduardo Francisco.
“ASA’s mission to touch and uplift the indigent female population deeply resonates with us, especially as we fulfill our responsibility to a wide array of stakeholders. We thank ASA for their trust, and we are rooting for them to succeed in their mandate,” he said.
LandBank executive vice president of the treasury and investment banking sector Carel Halog said the issuance demonstrates the bank’s steadfast commitment to advance gender equality and women empowerment.
ASA Philippines is a non-stock, nonprofit organization that aims to provide access to financial and economic facilities, social and other developmental opportunities to disadvantaged sectors.
These include the small, cottage and microentrepreneurial poor of the community, empowering them through self-employment and economic upliftment.
