Ayala Corp. (AC) has signed a €50 million (₱3.1 Billion) social loan from leading European bank ING to support its health unit, AC Health.
Proceeds of the social loan are allocated to AC's Health portfolio growth, and capital expenditures for ots retail pharmacy and hospital, including QualiMed and Joseph Drug. This enables Ayala, through AC Health's integrated healthcare ecosystem, to continue providing accessible, affordable, and quality healthcare to all Filipinos.
"As a global bank with deep expertise in sustainable finance, we are proud to play a crucial role in enabling Ayala to address pressing challenges in the healthcare sector. This social loan marks an important milestone for ING and our partnership with the Ayala Corp.," said Jun Palanca, Country Manager for ING Philippines.
"ING's commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact," he added.
Albert de Larrazabal, AC chief finance officer, said the social loan will enable AC Healtht to serve Filipinos better.
"At Ayala, we always look for like-minded partners who believe in our purpose. This sustainable finance transaction from ING confirms our commitment to building businesses that enable people to thrive," Larrazabal said.
"This social loan from ING will enable us not only to build and scale our AC Health portfolio, but it will also enable us to serve more Filipinos by providing them access to quality and affordable healthcare," he added.
The €50 million social loan (approximately ₱3.1 billion) is the first Euro denominated social loan that ING has structured for a Philippine conglomerate.
The social loan is structured with adherence to the latest Social Loan Principles published by the Loan Market Association, Asia Pacific Loan Market Association, and the Loan Syndications & Trading Association, paving the way for other foreign banks, including European banking institutions, to come in and participate in financing the growth of sustainable projects in the Philippines.
AYALA PHOTO
