The Philippines has launched its inaugural Sustainable Finance Framework in order to support its sustainability commitments.
According to the Philippines’ Department of Finance (DoF), the framework sets out how it intends to raise green, social or sustainability bonds, loans and other debt instruments in the international capital markets. In addition, the DoF stated the framework marks an important milestone for the country’s sustainability journey and the sustainable finance market more broadly.
The Finance Department noted that the country also intends to contribute to the development of the sustainable financing market domestically. The framework lays out the process that will be used to ensure transparency and disclosure of the use of proceeds, as well as the anticipated environmental and social impact of eligible green and social projects.
The DoF added that proceeds raised under this framework will be used to support projects that reflect the Philippines’ commitment towards Sustainable Development and the United Nations Sustainable Development Goals.
Furthermore, the issuance of sustainable financing instruments will additionally support the Philippines’ climate change commitments under its National Framework Strategy on Climate Change.
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