Regulatory Alerts2019-04-26
Guidelines on the Issuance of Social Bonds Under the ASEAN Social Bonds Standards in the Philippines
The Securities and Exchange Commission of the Philippines issued these guidelines to regulate the issuance of ASEAN Social Bonds, requiring that proceeds be exclusively allocated to eligible social projects that provide clear social benefits. Issuers must establish robust frameworks for project selection, manage proceeds through dedicated tracking mechanisms, and provide continuous annual reporting on allocation and impact to ensure transparency. The document further mandates the voluntary engagement of external reviewers to verify compliance with the ASEAN Social Bond Standards and requires public disclosure of all review reports throughout the bond's tenure.
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