Channeling funds to support these sectors can help boost the country’s response to the pandemic and fast-track our recovery. In other jurisdictions, international banks like the Nordic Investment Bank issued a “Response Bond,” and European Investment Banks issued a Sustainability Awareness Bond, which both aim to alleviate the social consequences of COVID-19 by financing healthcare systems and labor market solutions.
The Philippines is poised to do the same with the “Guidelines on the Issuance of Social Bonds under the ASEAN Social Bond Standards” released by the Securities and Exchange Commission (SEC) in 2019. On June 17, the country welcomed the first issuance to use the ASEAN Social Bond label.