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SEC ISSUES BLUE BOND GUIDELINES

Overview

On September 21, 2023, the Securities and Exchange Commission (the “SEC”) issued Memorandum Circular No. 15, or the Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines (the “Blue Bond Guidelines”).  The Blue Bond Guidelines build on the Association of Southeast Asian Nations (“ASEAN”) Green Bond Standards (“GBS”) (a copy may be accessed here) and the International Capital Market Association (“ICMA”) Green Bond Principles (“GBP”) (link here) and are based on the Blue Finance Guidance Framework developed by the International Finance Corporation (“IFC”) (access here) and the Green and Blue Bond Framework of the Asian Development Bank (“ADB”) (access here).

The Blue Bond Guidelines took effect on September 22, 2023, after their publication in two newspapers of general circulation in the Philippines. Read more

You may download the SyCipLaw Banking Bulletin October 2023 issue here or via this link.

WRITTEN BY

SyCip Salazar Hernandez & Gatmaitan
For further information, please contact:

Philbert E. Varona – Partner, SyCip Salazar Hernandez & Gatmaitan
pevarona@syciplaw.com

Philbert E. Varona is a member of the firm’s Special Projects and Banking, Finance & Securities groups. His practice areas include mergers and acquisitions, finance and securities, foreign investments, and infrastructure and government contracts.

The significant transactions that Mr. Varona has worked on include:

  • the PhP69.2 billion acquisition by Philippine Long Distance Telephone Company of a controlling interest in Digital Telecommunications Philippines, Inc.;
  • the PhP12.2 billion acquisition by Metro Pacific Investments Corporation of a controlling interest in the operator of the North Luzon Tollway;
  • the PhP4.1 billion acquisition by the Dairy Farm Group of a 50% interest in Rustan Supercenters, Inc., one of the largest retail chains in the Philippines;
  • the issuance by San Miguel Brewery Inc. of PhP20 billion worth of fixed rate bonds;
  • the issuance by Philippine National Bank of PhP10 billion worth of lower tier 2 capital; and
  • the project financing of various petroleum and gold mining projects in the Philippines.

He was a professorial lecturer at the Ateneo de Manila University from 1998-1999.

He has contributed several articles to Asian Legal Business and other publications. He co-authored the Philippine chapter of the 2011/2012 edition of Privatisation & Public Private Partnership, as well as the Philippine chapter of M&A in Asia, an upcoming publication on the legal framework on mergers and acquisitions in the region.

Mr. Varona also worked as a foreign attorney at Mori Hamada & Matsumoto in Tokyo in 2007.

Admission to the Bar

1998, Philippines

Education

Ateneo de Manila University (B.S.; J.D., with honors)

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