AYALA Corp. signed a 50- million euro (P3.1 billion) social loan from leading European bank ING to support AC Health’s portfolio growth.
Proceeds of the social loan are allocated to AC Health portfolio growth, and capital expenditures for retail pharmacy and hospital, including QualiMed and Joseph Drug.
“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,” said Jun Palanca, country manager for ING Philippines.
The social loan is the first euro denominated social loan that ING has structured for a Philippine conglomerate. The social loan 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.
“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,” said Albert de Larrazabal, chief finance officer at Ayala.
