IFC’s investment in BDO to help tackle marine pollution

A NEW investment will help increase access to finance for blue projects in the Philippines with IFC’s subscription of up to $100 million to a Blue Bond to be issued by BDO Unibank, Inc. (BDO), the largest bank in the country. This will help tackle marine pollution and preserve clean water resources while supporting the country’s climate goals.

Solid waste management and marine plastics are key issues for the Philippines, threatening several elements of the blue economy as well as urban public health. The country is the third largest contributor, with an estimated 0.75 million metric tons of mismanaged plastic entering the ocean every year, according to the Market Study for the Philippines: Plastics Circularity Opportunities and Barriers (World Bank Group, 2021). The nation is also combating water stress with rapid urbanization. According to Water.org, more than 3 million people in the Philippines rely on unsafe and unsustainable water sources and 7 million lack access to improved sanitation.

“We welcome IFC’s timely support for BDO’s maiden Blue Bond issuance, which reinforces our commitment to sustainable finance and allows us to provide more support to critical areas such as water conservation, wastewater treatment, plastic recycling, sustainable tourism, fisheries, and sustainable seafood processing. Marking our two-decade partnership, IFC’s investment will be key to helping BDO develop a Blue Finance Framework that will allow us to fund projects that support the country’s blue economy while establishing a new asset class in the Philippine debt market,” said Teresita Sy-Coson, Chairperson of BDO Unibank, Inc.