Early Warning System

Countries

Philippines

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

International Finance Corporation (IFC)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Active

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Apr 27, 2022

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

BDO UNIBANK, INC.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 100.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Loan Amount (USD)

$ 100.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Campaign Documents

Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 20, 2024

Disclosed by Bank May 6, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank's website, the "International Finance Corporation (“IFC”) is considering an investment in a blue bond (“Bond”) of up to US$100 million to be issued by BDO Unibank, Inc. (“BDO” or the “Bank”). The Bond will be issued following the International Green Bond Principles and IFC’s Blue Finance Guidelines. This issuance will be the first blue bond to be issued by BDO and will also be the first blue bond issuance in the Philippines. "

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Increased access to finance for blue projects: The most significant expected project level impact will be derived from an increase in access to long term finance for blue financing projects in the Philippines.

Sustainability: Beyond the Project, IFC anticipates that the Project will contribute to market creation through sustainability via innovation, demonstration/replication, and capacity building channels.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

International Finance Corporation (IFC)

The proposed IFC investment consists of up to US$100 million USD-denominated bond to be issued by BDO. The proceeds will be used to fund eligible blue projects as defined in the IFC Blue Finance Guidelines.

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

BDO UNIBANK, INC. (Financial Intermediary)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, BDO was incorporated in the Philippines in 1967 and is listed in the Philippine Stock Exchange. The Bank provides a wide range of corporate and retail banking services including loan and deposit products, treasury, trust and investments, investment banking, private banking, cash management, leasing and finance, remittance, insurance, rural banking, credit card, and stock brokerage services. The major shareholder of the Bank is SM Investment Corporation (SMIC) with a 40.8% shareholding as of December 31, 2021. SMIC is a listed company with major interest in property, retail, and financial services. 44.1%% of BDO is held by the public.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

BDO Unibank Inc.
Luis S. Reyes, Jr.
Senior Vice President, Investor Relations and Corporate Planning
+632 88407142
reyes.luis@bdo.com.ph
BDO Corporate Center, 7899 Makati Avenue, Makati City 0726
www.bdo.com.ph

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org