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Manila Bulletin devider Philippines devider National devider PH wins int'l award in Japan for its 'environmental finance'

PH wins int'l award in Japan for its 'environmental finance'

Published Jan 19, 2023 03:56 pm

The Philippines has bagged an international award for developing environmental financial products in Japan, the Department of Foreign Affairs (DFA) announced.

Ambassador Mylene Garcia-Albano receives the International Award at the 8th Sustainable Finance Awards. Joining here were (from left to right) Atty. Izumi Sato, Bureau of Treasury (BTR) Chief Treasury Operations Officer Jose Carlos Sebastian, and Research Institute for Environmental Finance (RIEF) Executive Director Yoshihiro Fujii. (Photo courtesy of the Philippine Embassy in Tokyo)

The DFA said on Thursday, Jan. 19, that the Philippine government won the International Award of the 8th Sustainable Finance Awards in Japan for its issuance of the Samurai Sustainable Sovereign Bond in 2022.

Ambassador-designate Mylene Garcia-Albano received the award for the Philippines during the awarding ceremony held at the Nihon Press Centre in Tokyo on Wednesday.

“The Philippines, led by our President Ferdinand R. Marcos Jr., will continue to put climate action at the front and center of the Philippines’ pursuit of a robust and sustainable economy. Indeed, sustainable finance plays a critical role in climate action and I would like to use this opportunity to convey my sincere appreciation to the government, finance institutions, investors and people of Japan by being our partners in our green post-pandemic recovery,” Albano said.

In April 2022, the Philippines launched its first Sustainability Samurai Bonds.

Ambassador Mylene Garcia-Albano receives the International Award at the 8th Sustainable Finance Awards. Joining here were (from left to right) Atty. Izumi Sato, Bureau of Treasury (BTR) Chief Treasury Operations Officer Jose Carlos Sebastian, and Research Institute for Environmental Finance (RIEF) Executive Director Yoshihiro Fujii. (Photo courtesy of the Philippine Embassy in Tokyo)

The Bureau of the Treasury said this is the first ever ASEAN Sustainability bond transaction issued by the Philippines in the Samurai bond market, capturing new investor accounts and demand of more than JPY70 billion, from an initial target of JPY 50 billion.

According to the DFA, the target recipients of the awards are financial institutions and other organizations that are developing environmental financial products, services, and initiatives in the Japanese financial market.

The awards were administered by the Research Institute for Environmental Finance (RIEF), a general incorporated association that promotes and educates people about "environmental finance"— a financial approach to solving environmental problems.

Related Tags

PHILIPPINE GOVERNMENT Japan 11923 INTERNATIONAL AWARD ENVIRONMENTAL FINANCE
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