Largest Philippine Bank to Sell Bonds Against Ocean Pollution

Largest Philippine Bank to Sell Bonds Against Ocean Pollution
Ditas Lopez/Bloomberg May 1, 2022 https://gcaptain.com/largest-philippine-bank-to-sell-bonds-against-ocean...

A clump of plastic and other debris drifts in the ocean. (Photo By Steven Guerrisi via Flickr)
BDO Unibank Inc., the Philippines’ largest bank by assets, will sell bonds to help fight marine pollution and preserve clean water resources.

The World Bank Group’s International Finance Corp. will buy $100 million of the so-called blue bonds, the first of its kind in the Philippines.

The Southeast Asian nation is the third-largest contributor to plastic leaking into the ocean, accounting for 0.75 million metric tons annually, the IFC said, citing a World Bank study. At the same time, more than 3 million people in the country rely on unsafe and unsustainable water sources, it said.

“IFC’s investment will be key to helping BDO develop a Blue Finance Framework that will allow us to fund projects that support the country’s blue economy,” BDO Unibank Chairperson Teresita Sy-Coson said in a statement. The deal will also establish a new asset class in the Philippine debt market, she said.