The Philippines’ Department of Finance (DOF) claims it is finalising a framework for the issuance of the country’s first ever sovereign green bonds.
According to Regulation Asia, the sovereign green bonds will be issued to mobilise funds towards climate adaptation and mitigation projects.
The publication noted that according to local media reports, Philippines’ finance secretary Carlos Dominguez III has stated that the framework will align with the sustainable finance roadmap that the government released last month, which looks to harness public and private investments to support the country’s transition to a clean and more sustainable economy.
Dominguez added that the green bonds will be aligned with ASEAN as well as international green finance standards, and that the Securities and Exchange Commission has already prepared the capital markets for green investments with its guidelines on green, social and sustainable bonds.
Philippines is not the first country in Asia to make key moves towards a more green bond-focused future. Earlier this year, the Finance Minister of Singapore Lawrence Wong revealed the country will establish a new Green Bonds Programme Office to help bolster sustainable financing and investments in the country.
Meanwhile, the People’s Bank of China began quarterly assessments of the green finance performance of 24 major Chinese banks starting in July this year.
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