CitySavings issues first social bond with investment from IFC
by The Manila Times
Jun 23, 2024 12:16 am
TO expand financial inclusion and support human capital development in the Philippines, the International Finance Corp. (IFC) is investing $100 million in a social bond issued by City Savings Bank Inc. (CitySavings), the first thrift bank to issue a social bond. The social bond follows ICMA's Social Bond Principles and the Asean Social Bond Standard.
Proceeds from the social bond will be used for loans to women in low and lower-middle-income groups and encourage them to invest in small businesses to supplement their family's income and payments for healthcare, education, and housing.
Present during the signing ceremony are (from left) City Savings Bank Inc. President Manuel Santiago Jr., Chief Executive Officer Lorenzo Ocampo and Chairman of the Board Ana Aboitiz-Delgado with International Finance Corp. Asia and the Pacific Regional Vice President Riccardo Puliti, East Asia and the Pacific Regional Director Kim-See Lim, Financial Institutions Group Manager Arnaud Dupoizat, and Philippines Country Manager Jean-Marc Arbogast. CONTRIBUTED PHOTO
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