April 25, 2019
SEC MEMORANDUM CIRCULAR NO. 09-19
| SUBJECT | : | Guidelines on the Issuance of Social Bonds under the ASEAN Social Bonds Standards in the Philippines |
WHEREAS, in recognition of the importance of alternative finance in supporting sustainable development in ASEAN and the increasing amount of global capital seeking green and sustainable investments, the ASEAN Capital Markets Forum developed the ASEAN Social Bond Standards to complement the ASEAN Green Bond Standards;
WHEREAS, the ASEAN Social Bond Standards was developed based on the International Capital Markets Association's (ICMA's) Social Bond Principles and intended to enhance transparency, consistency, and uniformity of ASEAN Social Bonds which will also contribute to the development of a new asset class, reduce due diligence costs, and help investors to make informed investment decisions;
WHEREAS, Section 8 of the SRC provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission;
WHEREAS, Section 12 of the SRC, the relevant provisions of the 2015 Implementing Rules and Regulations of the SRC (2015 SRC...
