PROJECT

Projects

Summary of Investment Information

Project Number

44900

Company Name

UNION BANK OF THE PHILIPPINES

Date SPI Disclosed

Jul 23, 2021

Country

Philippines

Region

East Asia and the Pacific

Projected Board Date

Apr 30, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jul 25, 2021

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Apr 30, 2021
Signed : Jun 25, 2021
Invested : Jul 23, 2021

Sector

Commercial Banking - SME Finance

Project Description

The proposed project comprises an IFC investment of up to US$150 million for up to seven years in a COVID response social bond to be issued by the Union Bank of the Philippines. The investment is expected to support the Bank in growing its micro, small and medium enterprise (MSME) portfolio including SMEs in the supply chain finance and those impacted by disasters with significant consequences on public health, infrastructure or the economy such as but not limited to COVID-19. This will be the first Social Bond to be issued by the Bank under its recently issued Sustainable Finance Framework. 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation