DoF: ESG bond deals hit $3.55B
Proceeds from the bonds were used to either fully or partially finance and refinance four groups of projects by various government agencies from 2020 to 2022
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Proceeds from the bonds were used to either fully or partially finance and refinance four groups of projects by various government agencies from 2020 to 2022
The government has funded green and social projects through the issuance of bonds amounting to $3.55 billion or P195.64 billion from March 2022 to January this year, resulting in bigger areas of replanted forestland and more flood-safe communities and benefiting agricultural entrepreneurs and students with tertiary education.
The Sustainability Bond Allocation and Impact Report released Monday by the Department of Finance shows the total fund consisted of four bond transactions dedicated to environment, social and governance or ESG projects.
For last year's bond issuances, the government raised $1 billion in March, 70.1 billion Japanese yen in April, and $750 million in October. In January this year, it raised $1.25 billion.
Proceeds from the bonds were used to either fully or partially finance and refinance four groups of projects by various government agencies from 2020 to 2022.
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First, the planting and marine program by the Department of Environment and Natural Resources expanded greenery in forestland spanning 45,947.44 hectares and preserved plants in 191,081 hectares last year.
Meanwhile, 244 areas covering 7.73 million hectares of terrestrial, marine, coastal, caves, and wetlands have been protected against biodiversity destruction.
The P10.1-billion program provided jobs to 1,868 Filipinos this year from 1,808 in 2020 and financial aid to 68 groups from 25.
Moving forward, the Marcos administration aims to boost production of bamboo and indigenous tree species on 3,565 hectares of land.
Second, the flood management projects of the Department of Public Works and Highways along the country's major rivers and river basins increased to 2,088 projects last year from 2,037 in 2020.
These included floodways, dikes, water impounding structures and dredging works. The bond proceeds allocation to this program was P80.7 billion or 27 percent of the total project cost.
Third, the bond proceeds enabled the Department of Labor and Employment, or DoLE, to provide business training, working capital, tools, and microinsurance to 9,112 members of the marginalized communities and displaced workers.
These benefits were given under DOLE Integrated Livelihood Program, and Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers or the Emergency Employment Program.
Lastly, the Commission on Higher Education and the Technical Education and Skills Development Authority were able to distribute funds for free tertiary education and subsidies to Filipino youth.
Beneficiaries of free education in CHED-accredited local universities and colleges increased to 349,208 last year from 253,302 in 2020.
