Bank of the Philippine Islands (BPI) raised P50 billion from its “Supporting Individuals Grow, Lead, and Achieve” or SIGLA bonds, following strong demand from investors that saw the offer 10 times oversubscribed.
The two-year bonds, which were listed on the Philippine Dealing & Exchange Corp. on Friday, carry a 5.45 percent interest rate. The bank originally set a base offer of P6 billion.
Net proceeds from the issuance will be used to finance or refinance social projects under the Sustainable Funding Framework of BPI, consistent with ASEAN Social Bonds Standards. The offering is part of a P200 billion bond and commercial paper program approved in 2024.
“The positive market reception for these bonds underscores the growing alignment between capital markets and sustainability objectives. The issuance represents a significant milestone in our commitment to promoting inclusive growth and empowering underserved sectors across the Philippines,” BPI executive vice-president and treasurer Dino Gasmen said.
The SIGLA bonds represent the fifth thematic bond issued by the bank, following its CARE bonds in 2020, RISE in 2023, SEED in 2024 and SINAG in 2025. The Securities and Exchange Commission affirmed the bonds bear the ASEAN Social Bond label.
BPI Capital Corp. and ING Bank N.V., Manila Branch served as the joint lead arrangers and selling agents for the offer. The bank said the issuance directs capital toward projects that promote inclusive and socially impactful development.
“Through the BPI SIGLA Bonds, BPI continues to reinforce its leadership in sustainable finance. We remain firmly committed to developing innovative financial instruments that support the country’s sustainable development goals while delivering long-term value to our investors,” Gasmen said.
