Ayala-led Bank of the Philippine Islands' (BPI) supporting inclusion, nature, and growth (SINAG) bonds now hold the record as the largest peso bond issuance to date.

In a listing ceremony on Tuesday, June 10, BPI SINAG bonds were officially listed on the Philippine Dealing & Exchange Corp. (PDEx) with a total principal amount of ₱40 billion. The bonds are structured with a 1.5-year tenor and carry an interest rate of 5.8 percent per annum that would be paid quarterly.

According to BPI, the proceeds would be utilized to finance or refinance eligible green and social projects as part of its sustainable funding framework.

Dino Gasmen, BPI’s treasurer and head of global markets, explained that this move would further push sustainability in projects, as he said that, “The enthusiastic response to the BPI SINAG bonds reflects a growing alignment between capital markets and sustainability. We are honored by the trust placed in us and excited to channel these funds into projects that directly benefit communities and the environment.”

Moreover, the issuance would highlight BPI’s commitment in mobilizing capital toward long-term resilience and value creation.

In an ambush interview, Gasmen further explained that proceeds from SINAG bonds are partly to exercise refinancing activities.

“For this one, the SINAG bond, we saw that the demand from our clients and customers was really huge. I think it's partly because of the awareness that it's a sustainability bond,” he told reporters.

“We could have issued at least ₱20 billion more. But we also had to weigh it against what we can promise to you. Because we don't want to borrow for sustainability purposes then we can't deploy. [It's like] we just took advantage of the feature of the bond and then not fulfilling our end of the bargain. So, we came up with an amount that is a bit challenging for the bank to accomplish,” Gasmen added.

Moreover, when asked for if there will be more bond issuances this year, the BPI treasurer explained that this would depend on various factors such as market conditions.

“I’m not yet sure, this is one big maturity for us that we’ve been able to refinance. The rest depends on how the market goes. If the loans are strong, if the economy is strong, which means most likely demand for loans will also be strong, then we just might,” he said, noting a bond issuance that may happen in January 2026.

On financing RE

Amid concerns that some foreign renewable energy (RE) investors are “quietly” pulling out of their commitments to the Philippines, BPI reaffirmed its strong commitment to supporting green energy projects.

Citing some examples globally, such as the strong RE presence in Europe and the pullback of certain green energy projects in United States (US), Gasmen assured that local banks will continue to support sustainable assets.

“In the Philippines, I think the issue is the assets. It’s hard to find the assets… [So], I think the banks are willing. They want more sustainability assets. They have their own sustainability programs,” he said.

“With regard to BPI, no, we’re not pulling back at all. I think this sustainability initiative is very important to us… We’re celebrating sustainability awareness month [this June].”

Furthermore, BPI shared that the bank is on track to reduce its financing of coal power generation by half in 2026, and to zero by 2032.