SyCipLaw Contributes the Philippine Chapter of ASEAN SDG Bond Toolkit Launched at ASEAN Capital Markets Forum in Cambodia
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) Partners Jose Florante M. Pamfilo and Bhong Paulo A. Macasaet authored the Philippine chapter of the ASEAN Sustainable Development Goals (SDG) Bond Toolkit, a primer for the issuance of SDG bonds in the ASEAN, launched during the 37th ASEAN Capital Markets Forum (ACMF) Chairs' Meeting and the ACMF International Conference in Phnom Penh, Cambodia, in October. The conference was jointly organized by the ACMF, the Securities and Exchange Regulator of Cambodia, and the Asian Development Bank (ADB) in Phnom Penh.
In this chapter, Mr. Pamfilo and Mr. Macasaet outline key information and requirements for both issuers and investors in the Philippines. According to data published by SEC, the Philippines is a leader in the issuance of ASEAN green, social and sustainability (GSS) bonds. As of July 31, 2022, USD 6.77 billion or 26% of the total ASEAN GSS bonds issued were by Philippine companies.
Through this legal wrapper, SyCipLaw is proud to support the Philippines' sustainability commitment.
The ASEAN SDG Bond Toolkit sets out preliminary guidance on the key principles and processes that issuers can adhere to when issuing an SDG bond. The principles are based on the best available global practices and successful examples of SDG bond issuances from the ASEAN and other regions, taking into consideration the needs of investors.
The ACMF, through the ADB, together with the Sustainable Finance Institute Asia (SFIA), spearheaded the development of an ASEAN SDG Bond Toolkit as a key market education and capacity-building resource. This is part of a wider effort of the ACMF to expand the knowledge and understanding of the ASEAN market participants about how to issue sustainable finance-themed bonds.
The ASEAN SDG Bond Toolkit was edited and its production and publication was spearheaded by international law firm Ashurst LLP. Please visit www.syciplaw.com to read the Philippine chapter.