IFC’s Investment in BDO’s Blue Bond to Help Tackle Marine Pollution in the Philippines, Support Blue Economy
A new investment will help increase access to finance for blue projects in the Philippines with IFC’s subscription of up to $100 million to a Blue Bond to be issued by BDO Unibank, Inc. (BDO), the largest bank in the country. This will help tackle marine pollution and preserve clean water resources while supporting the country’s climate goals. Solid waste management and marine plastics are key issues for the Philippines, threatening several elements of the blue economy as well as urban public health. The country is the third largest contributor, with an estimated 0.75 million metric tons of mismanaged plastic entering the ocean every year, according to the Market Study for the Philippines: Plastics Circularity Opportunities and Barriers (World Bank Group, 2021). The nation is also combating water stress with rapid urbanization. According to Water.org , more than 3 million people in the Philippines rely on unsafe and unsustainable water sources and 7 million lack access t...