The Washington-based International Financial Corporation (IFC) has invested $100m (鈧�87.4m) in the Philippines鈥� first healthcare-focused social bond, issued by Ayala Group.
IFC said Ayala Healthcare would use proceeds from the social bond to refinance the development of a new cancer hospital, expand its network of primary care and multi-speciality clinics, and accelerate its digital technology initiatives.
鈥淭he (COVID) pandemic exposed massive under-investment in the country鈥檚 healthcare system, reinforcing our thesis for entering the sector six years ago,鈥� said Fernando Zobel De Ayala, president and CEO of Ayala.
鈥淭he social bond supports our strategic priority to scale up Ayala Healthcare as a new growth platform, underpinned by its commitment to uplift the quality of and access to preventive care in the country.鈥�
Rana Karadsheh Haddad, IFC鈥檚 regional industry director, manufacturing, agribusiness and services, Asia and the Pacific, said: 鈥淥ur investment in this social bond from our long-standing client, the Ayala Group, will help strengthen the Philippines鈥� healthcare system at a crucial time, while also helping develop the market for social bonds.鈥�
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