CARD raises P750M

Microfinance Institution Center for Agriculture and Rural Development (CARD) Inc. has raised P750 million in funds for lending to the entrepreneurial poor through the issuance of debt paper to selected institutional investors.

PNB Capital & Investment Corp. (PNB Capital), the investment bank subsidiary of Philippine National Bank, was the lead arranger of the issuance. The five-year corporate notes were issued by CARD on June 13.

Incorporated in December 1986 as a nongovernment organization, CARD focuses on improving the quality of life of microentrepreneurs and their families in underdeveloped and economically challenged areas in the country.

In its capacity as a microfinancing institution, it provides direct financing, research services, development work and economic evaluation in pursuit of its social mission.

Other institutional investors that supported CARD’s corporate notes issuance were Allied Banking Corp., Banco De Oro Unibank, Inc., BDO Private Bank, Philippine National Bank, Rizal Commercial Banking Corp., and Security Bank Corp.—Doris C. Dumlao