MANILA -Ayala Corp., the country’s oldest conglomerate, signed a landmark P5-billion sustainability-linked debt facility to support its long-term ‘net zero’ gas emission goal.
The pioneering deal was signed with Japanese banking giant MUFG Bank Ltd. and Sun Life Philippines. Proceeds will support general corporate requirements and investments in sustainability-related projects.
“As [Ayala] celebrates its 190th year of existence, our children’s children will look back at this day and say that we pioneered a credit facility that will support environmentally and socially sustainable economic activity and growth,” said Ayala chief finance officer Alberto de Larrazabal.
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The landmark credit facility signing was witnessed by top Ayala executives, including AC chief sustainability risk officer Jaime Urquijo, MUFG Asia Pacific Head of environment social and corporate governance finance Colin Chen and Sun Life Investment Management and Trust Corp. president Michael Gerard Enriquez.
“MUFG’s role as the sole sustainability coordinator for this transaction underpins AC’s trust in our established sustainability-related projects,” Chen said.
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“We are honored to have cultivated a long working relationship with AC over the years. AC has been very forward-thinking in their sustainability journey and we are grateful to be partnering them on this milestone,” he added.
“As a standalone trust company, we are thrilled to be part of this landmark deal with AC as we continue to fund sustainability projects on behalf of our clients,” Enriquez said.