MANILA, Philippines — ASA Philippines Foundation Inc. (ASA), the country’s leading microfinance non-government organization, successfully raised P5 billion from the issuance of five-year fixed rate corporate notes.
The proceeds of the issue will be used for working capital purposes to expand ASA’s lending business, which wholly targets women as principal borrowers in an effort to empower them and achieve financial inclusion for the vulnerable, indigent female sector.
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 (made possible through the technical assistance provided by the Asian Development Bank) and registered with the Securities and Exchange Commission.
The bond issuance was jointly arranged by BDO Capital and Investment Corp. (BDO Capital) and the investment banking group of the Land Bank of the Philippines (Landbank).
“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 Eduardo Francisco, president of BDO Capital and Investment Corp.
“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,” Francisco said.
“The issuance demonstrates Landbank’s steadfast commitment to advance gender equality and women empowerment. Sustainable growth should be inclusive, especially for underserved women in the country,” according to Carel Halog, executive vice president of the Treasury and Investment Banking Sector of Landbank.
Meanwhile, ASA Philippines president and CEO Kamrul Tarafder expressed his profound gratitude toward the institutions that made the issue possible.
“We have witnessed firsthand the hard work and dedication of BDO Capital and Landbank in seeing this transaction through. On behalf of our borrowers and members, whom we affectionately call nanays, we thank them profusely for spearheading this transaction,” Tarafder said.