MANILA - The Securities and Exchange Commission said Tuesday it backed the issuance of social bonds to support efforts to contain COVID-19 and to manage the socioeconomic impacts of the pandemic.
“COVID-19 has given rise to serious socioeconomic issues globally, pushing enterprises to the brink of failure and leaving millions of people jobless,” SEC Chairperson Emilio B. Aquino said. The agency recently approved the country's first social bond or the Bank of the Philippine Islands' COVID Action Response Bonds in line with the ASEAN Social Bond Standards, it said.
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