Headquartered in Makati City, Philippines, Ayala Corporation is one of the largest conglomerates and most diversified business conglomerates in the Philippines with operations in real estate, financial services, telecommunications, industrial technologies, power, infrastructure, healthcare, education, and technology ventures. The Sponsor is publicly listed on the Philippines Stock Exchange. The Sponsor is 47.3 percent owned by Mermac, Inc. and 6.0 percent owned by Mitsubishi Corporation with the remaining 46.6 percent owned by public shareholders as of December 31, 2020.

The Project cost is estimated to be in excess of US$100 million, which will be financed by a 10-year social bond (the “Social Bond”) to be issued by AYC Finance Limited (the “Issuer”), a Cayman Islands wholly-owned subsidiary of AC. IFC has been invited to be the sole subscriber of the proposed Social Bond of up to US$100 million.

The Use of Proceeds of IFC’s proposed investment will be utilized primarily in the Philippines.

This is a Category B project according to IFC's Policy on Environmental and Social Sustainability. The key E&S risks and issues for this investment, include: Ayala Health's capacity, systems and procedures to assess and manage E&S risks associated with the future development and acquisition of hospitals, provision of fair and safe working conditions, including managing the COVID-19 impacts, infection control, emergency preparedness and response including life and fire safety; biomedical waste management; community health, safety and security; and stakeholder engagement.