The Asian Development Bank (ADB) said that it has provided support for the inaugural bond issuance aimed at advancing gender equality and empowering women in the Philippines.

In a statement, ADB said it supported the country’s first gender bond by ASA Philippines Foundation, Inc. (ASA Phils.), a nonprofit and nonstock microfinance nongovernmental organization.

According to the ADB, the gender bond sale by ASA Phils. was aligned with the International Capital Market Association’s Social Bond Principles and the ASEAN Capital Markets Forum’s Social Bond Standards.

ASA Phils. raised P5 billion from a five-year gender note issuance sold primary to institutional lenders last Wednesday, July 5.

“The amount raised under this issue will be used to boost lending to women entrepreneurs for their microenterprises and the improvement of their quality of life,” Kamrul Tarafder, ASA Phils. president and chief executive officer said.

“This landmark issue, the country’s first-ever gender note, will promote gender equality and women's empowerment, as well as help the Philippine government in its goal of financial inclusion for the underserved indigent sector,” he added.

ADB provided technical assistance to support bond framework development and capacity building through the Asian Bond Markets Initiative (ABMI).

ABMI is an initiative of the governments of ASEAN, the People's Republic of China (PRC), Japan, and the Republic of Korea to develop local currency bond markets.

The technical assistance program is financially supported by the PRC Poverty Reduction and Regional Cooperation Fund.

“This transaction demonstrates ADB's commitment to fostering the growth of a sustainable bond market while promoting inclusive social development in the Philippines,”ADB Economic Research and Development Impact Department Advisor Satoru Yamader said.

“This is a great example of how a microfinance company can promote gender equality and show its commitment to social sustainability,” he concluded.