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Manila Bulletin devider Business devider The Stock Market devider Ayala borrows P5 B from sustainability-linked facilities

Ayala borrows P5 B from sustainability-linked facilities

Published Dec 12, 2023 07:46 am

Ayala Corporation, the holding company of the Zobel family, has signed with MUFG Bank Ltd. (MUFG) and Sun Life Philippines sustainability-linked credit facilities with an aggregate amount of P5 billion.

In a statement, the country’s oldest conglomerate said this is to reaffirm its commitment to sustainable financing initiatives. 

Ayala Signs Sustainability-Linked Credit Facilities.jpg
L-R: Marie Diana Lynn Singson, Managing Director, Deputy Country Head and Head of Global Corporate and Investment Banking, MUFG Manila; Jaime Urquijo, Chief Sustainability and Risk Officer, Ayala Corporation; Colin Chen, Head of ESG Finance, Asia Pacific, MUFG Bank Ltd.; Albert de Larrazabal, Chief Finance Officer, Ayala Corporation; Michael Gerard Enriquez, President, Sun Life Investment Management and Trust Corporation (SLIMTC); Estelito Biacora, Treasurer Ayala Corporation; Ritchie Ryan Teo, Chief Investment Officer, SLIMTC; Candy Esteban, Chief Finance Officer, Sun Life Philippine

This landmark transaction by a Philippine conglomerate aims to support AC’s general corporate requirements and investments in sustainability-related projects.

AC Chief Sustainability and Risk Officer Jaime Urquijo and AC Chief Finance Officer Alberto de Larrazabal led the signing ceremony last Nov. 20, 2023 with MUFG Asia Pacific Head of ESG Finance Colin Chen and Sun Life Investment Management and Trust Corporation (SLIMTC) President Michael Gerard Enriquez to commemorate the execution of the sustainability-linked credit facilities. 

“MUFG’s role as the sole sustainability coordinator for this transaction underpins AC’s trust in our established sustainability-related projects,” said Chen. 

He added that, “we are honored to have cultivated a long working relationship with AC over the years. AC has been very forward thinking in their sustainability journey and we are grateful to be partnering them on this milestone.”

“As a stand-alone trust company, we are thrilled to be part of this landmark deal with AC as we continue to fund sustainability projects on behalf of our clients,” Enriquez said.

The sustainability linked-credit facilities are aligned with the sustainability goals of MUFG, Japan’s largest bank, and Sun Life Philippines, the country’s first and longest-standing life insurer. 

They are also in line with AC’s value creation framework that is anchored on its commitment to sustainability.

Larrazabal described the sustainability deal as a pioneering transaction that will enable AC’s net zero ambition and benefit the future generations. 

“As AC celebrates its 190th year of existence, our children’s children will look back at this day and say that we pioneered a credit facility that will support environmentally and socially sustainable economic activity and growth,” he said.
 

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MUFG Bank Ltd Sun Life Philippines Ayala Corporation
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