Department of Finance (DOF) Secretary Carlos Dominguez III has cited Ayala Land Inc. (ALI) for supporting the country’s economic recovery through investments and job creation, as well as the government’s vaccination program.
“The company has greatly contributed to our growth through its investments in property development that created many jobs and attracted numerous business opportunities nationwide,” he said during the 30th anniversary of ALI’s listing in the Philippine Stock Exchange (PSE) Friday.
Dominguez said ALI conducted last year its PHP13.6-billion real estate investment trust offering (REIT), marking the first REIT listing in the country, even amidst the coronavirus pandemic.
“This landmark issuance opened the road for more REITs to come to the market and provide attractive and dependable investment opportunities for the average Filipino,” he said.
Dominguez said it pioneered last April the listing in the capital market of a corporate bond and issued using electronic means.
He also thanked the company for playing a critical role in the government’s coronavirus disease 2019 (Covid-19) vaccination program, with its malls and other properties being utilized as inoculation centers.
“With the faster rollout of our national vaccination program and recovery measures, the Duterte administration is very optimistic that we can rapidly contain the spread of Covid-19 and bounce back strongly from this global health and economic crisis,” he added.
Apart from these initiatives, Dominguez, who is concurrent chairman-designate of the Climate Change Commission (CCC), said ALI has also built green spaces throughout the country in line with the government’s climate change initiatives.
Securities and Exchange Commission (SEC) chairman Emilio Aquino said ALI has already developed four sustainability focus areas that are aligned with the UN Sustainable Development Goals even before the Commission published the guidelines on the submission of the sustainability reports in 2019.
Aquino said the whole Ayala Group has been adapting to sustainable financing, adding that a huge chunk of the total Asean Green, Social and Sustainable Bonds issued by Philippine companies came from the Group.
He cited AC Energy Finance International Ltd. which has issued several green bonds of which the proceeds will be used to finance solar, wind, and geothermal energy projects in Asean.
Likewise, the Bank of the Philippine Islands (BPI) has issued a PHP21.5-billion Covid Action Response Bonds of which the proceeds will be used to finance and refinance eligible micro, small and medium enterprises, he added.
ALI chairman Fernando Zobel de Ayala said they are placing a greater focus on sustainability and long term growth.
“We remain confident that our many ongoing initiatives have helped us build a strong platform to prepare for recovery and renewed growth,” he said. “In fact, I believe that with the progress of the national vaccination program and the support of fiscal and monetary stimulus of our government, we are steadily moving towards a recovery of our economy.”
Source: Philippines News Agency