The Washington-based International Financial Corporation (IFC) has invested $100m (€87.4m) in the Philippines’ first healthcare-focused social bond, issued by Ayala Group.

IFC said Ayala Healthcare would use proceeds from the social bond to refinance the development of a new cancer hospital, expand its network of primary care and multi-speciality clinics, and accelerate its digital technology initiatives.

“The (COVID) pandemic exposed massive under-investment in the country’s healthcare system, reinforcing our thesis for entering the sector six years ago,” said Fernando Zobel De Ayala, president and CEO of Ayala.

“The social bond supports our strategic priority to scale up Ayala Healthcare as a new growth platform, underpinned by its commitment to uplift the quality of and access to preventive care in the country.”

Rana Karadsheh Haddad, IFC’s regional industry director, manufacturing, agribusiness and services, Asia and the Pacific, said: “Our investment in this social bond from our long-standing client, the Ayala Group, will help strengthen the Philippines’ healthcare system at a crucial time, while also helping develop the market for social bonds.”

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