Insular Life, the country’s first and largest Filipino life insurer, recently subscribed P1 billion worth of green bonds issued by International Finance Corp. to help the Philippines combat the effects of global warming.
Proceeds of these “green bonds” will be on-lent by IFC directly to eligible IFC climate projects, according to the IFC, an international financial institution and a member of the World Bank Group.
“We are happy to join the IFC in this noble endeavor because we believe that the Philippines is due for the greener path. There are many worthy projects for the environment that need to be supported by way of financing,” said Insular Life executive chairman Nina Aguas.
The IFC has been investing heavily on climate-related projects around the world and this time, the group has set its sights on the Philippines for ventures that will address possible projects in renewable power, energy efficiency, sustainable agriculture, green buildings, waste and private sector adaptation to climate change.
