Conglomerate Ayala Corp. said Wednesday it obtained a 50-million-euro (P3.1 billion) social loan from European bank ING to finance healthcare projects of unit AC Healthcare Holdings Inc. (AC Health).
Ayala said in a statement the proceeds from the social loan are allocated to AC Health portfolio growth and capital expenditures for retail pharmacy and hospital, including QualiMed and Joseph Drug.
The conglomerate said the loan would enable AC Health’s integrated healthcare ecosystem to continue providing accessible, affordable and quality healthcare to all Filipinos.
“This social loan from ING will enable us not only to build and scale our AC Health portfolio, but it will also enable us to serve more Filipinos by providing them access to quality and affordable healthcare,” said Ayala chief finance officer Albert de Larrazabal.
“At Ayala, we always look for like-minded partners who believe in our purpose. This sustainable finance transaction from ING confirms our commitment to building businesses that enable people to thrive,” he said.
The loan is the first euro-denominated social loan that ING structured for a Philippine conglomerate. It is structured with adherence to the latest Social Loan Principles published by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications & Trading Association, paving the way for other foreign banks, including European banking institutions, to come in and participate in financing the growth of sustainable projects in the Philippines.
“As a global bank with deep expertise in sustainable finance, we are proud to play a crucial role in enabling Ayala to address pressing challenges in the healthcare sector. This social loan marks an important milestone for ING and our partnership with the Ayala Corp. ING’s commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact,” ING Philippines country managerJun Palanca said.
Established in 2015, AC Health’s portfolio consists of the pharmacy chain Generika Drugstore, pharmaceutical importer and distributor Medica and MedEthix, multi-specialty clinics ambula-tory centers and full-service hospital network Healthway and healthcare aggregator app KonsultaMD.
