State-owned Land Bank of the Philippines (Landbank) is set to raise at least PHP 5 billion through a new issuance of sustainability bonds aimed at funding agricultureState-owned Land Bank of the Philippines (Landbank) is set to raise at least PHP 5 billion through a new issuance of sustainability bonds aimed at funding agriculture

Landbank to Offer PHP 5 Billion in Sustainability Bonds

State-owned Land Bank of the Philippines (Landbank) is set to raise at least PHP 5 billion through a new issuance of sustainability bonds aimed at funding agriculture, environmental, and social development projects.

The offering, branded as ASENSO (Agriculture, Sustainability, Environment and Socioeconomic Development) Bonds, will consist of peso-denominated, fixed-rate ASEAN Sustainability Bonds.

The issue will feature tenors of 1.5 years and three years.

Investors can purchase the bonds from 28 January to 6 February through the bank’s mobile application.

The minimum investment is set at PHP 10,000, with increments of PHP 10,000 thereafter. Landbank plans to list the securities on the Philippine Dealing & Exchange Corp. on 16 February.

The bank stated that proceeds from the issuance will be allocated exclusively to eligible green and social projects. Green initiatives include renewable energy, energy efficiency, clean transport, and sustainable water management.

Social projects will cover areas such as food security, affordable housing, healthcare, and employment generation.

Landbank President and Chief Executive Officer Lynette Ortiz highlighted the dual benefit for investors.

She added,

As of October last year, Landbank had disbursed PHP 176.48 billion in sustainable finance loans.

The bank’s financial position remains robust, with net income rising nearly 42% year-on-year to PHP 35.65 billion as of end-September. Total assets also increased by 1.32% to PHP 3.45 trillion during the same period.

Featured image: Edited by Fintech News Philippines based on an image by Freepik.

The post Landbank to Offer PHP 5 Billion in Sustainability Bonds appeared first on Fintech News Philippines.

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