MANILA - The Bank of the Philippine Islands said Thursday the country's first ever CARE bonds exceeded the planned issue size of P3 billion.
The offer period was concluded on July 8, more than a week ahead of the original schedule, the country's fourth largest bank in terms of assets told the stock exchange.
BPI said the bonds have a tenor of 1.75 years and an interest rate of 3.05 percent annually, paid quarterly.
Proceeds of the CARE (COVID Action Response) bonds will be used to finance and refinance eligible, micro small and medium enterprises, the bank said.
"The Bank values the significant contribution of MSMEs to the economy and aspires to help these enterprises bounce back from the paralysis caused by the pandemic," BPI said.
The Securities and Exchange Commission earlier said it was supporting the issuance of social bonds to support efforts to contain COVID-19 and to manage the socioeconomic impacts of the pandemic.
The BPI CARE Bonds are slated for issuance and listing at the Philippine Dealing & Exchange Corp on August 7, 2020.