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.
SEC approved the Bank of the Philippine Islands (BPI) COVID Action Response (CARE) Bonds, which is intended to finance and refinance Micro, small, and medium enterprises (MSMEs). This initiative complements the measures rolled out by the BSP to support MSMEs and contribute to accelerating economic recovery. Second, banks can drive digital banking and financial inclusion.