The Asian Development Bank (ADB) said it has supported through technical assistance the Philippines’ first gender bond by a non-profit and non-stock microfinance non-governmental organization.
The ADB shared in a statement that ASA Philippines Foundation Inc. (ASA Phils.) raised P5 billion from a five-year gender note issuance on July 5.
ADB provided technical assistance to support bond framework development and capacity building through the Asian Bond Markets Initiative (ABMI).
ABMI is an initiative of the governments of Asean, the People’s Republic of China (PRC), Japan and the Republic of Korea to develop local currency bond markets.
This technical assistance program is financially supported by the PRC Poverty Reduction and Regional Cooperation Fund.
“The amount raised under this issue will be used to boost lending to women entrepreneurs for their microenterprises and the improvement of their quality of life,” said ASA Phils. president and chief executive officer Kamrul Tarafder.
“This landmark issue, the country’s first-ever gender note, will promote gender equality and women’s empowerment, as well as help the Philippine government in its goal of financial inclusion for the underserved indigent sector,” Tarafder added.
Satoru Yamadera, ADB economic research and development impact department advisor, said this transaction demonstrates the multilateral agency’s commitment to fostering the growth of a sustainable bond market while promoting inclusive social development in the Philippines.
“This is a great example of how a microfinance company can promote gender equality and show its commitment to social sustainability,” Yamadera said.
