Nonprofit raises P5B via Philippines’ first gender bond sale

MANILA, Philippines — ASA Philippines Foundation Inc. (ASA Phils.) issued the country’s first gender bond and raised P5 billion, with the goal of promoting lending for women entrepreneurs.

The gender-themed debt notes, which are payable in 5 years, were sold to primary institutional lenders, the Asian Development Bank said in a statement on Thursday. ADB provided technical assistance to support bond framework development and capacity building through the Asian Bond Markets Initiative (ABMI). 

Proceeds from the bond sale will be used to boost lending to women entrepreneurs to support their microenterprises and improve their quality of life.

The notes were issued under the International Capital Market Association’s Social Bond Principles and the ASEAN Capital Markets Forum’s Social Bond Standards.

ASA Phils. is a local nonprofit that specializes in microfinance, catering to more than 2 million clients. Their first branch was set up in Caloocan back in August 2004. 

The foundation has a loan portfolio totalling P38.82 billion. 

“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,” said ASA Phils. President and CEO Kamrul Tarafder.