The Republic of the Philippines (“ROP”) has published its Sustainable Bond Allocation and Impact Report, as part of its commitments under the Sustainable Finance Framework (“Framework”). The Report details the estimated environmental and social impacts arising from the implementation of the Eligible Social and/or Green Projects, in coordination with the concerned implementing National Government Agencies.

The Philippines is one out of 192 other member states that has committed to achieving the 17 Sustainable Development Goals (SDGs) and their 169 targets. In accordance with this, the ROP has made significant strides in aligning with its obligations, one of which is the launch of the first-ever Sustainable Finance Roadmap, which recognizes the role of the financial services industry in ensuring an environmentally and socially responsible investment landscape. Further, in January 2022, the Republic of the Philippines published the Framework, laying the groundwork for sustainable investment and development in our country. Since then, we have successfully executed four transactions under this Framework, amounting to a total of approximately USD 3.55 billion. Notably, we also issued a JPY 70.1 billion (equivalent to around USD 550 million) in the Samurai market.
The Report also contains the findings of the ROP’s third party auditor DNV Business Assurance Singapore Pte. Ltd. (DNV), an independent global provider of assurance in the ESG space. Based on the external review done by the DNV, it was found that the ESG bonds issued by the ROP from 2022-2023 are aligned with the definition of green and social bonds within the Green Bond Principles 2021 and Social Bond Principles 2021, and that the proceeds have been fully disbursed with 53% allocated to Social Projects and 47% to Green Projects.

A copy of the report may be accessed through https://www.dof.gov.ph/issuances/sustainable-finance-framework/.