Ayala Corp. issues $ 100 million in social bonds
The conglomerate Ayala Corp. issued $ 100 million in inaugural social bonds that will be used to expand the group’s healthcare portfolio. Ayala said in a disclosure to the foreign exchange affiliate AYC Finance Limited signed a 10-year social bond through a private placement by International Finance Corp. “The pandemic exposed massive underinvestment in the country’s health system, strengthening our thesis to enter the sector six years ago. The Social Bond supports our strategic priority of developing AC Health as a new platform for growth, underpinned by its commitment to improve the quality and access to preventive care in the country, ”said the President and CEO of Ayala, Fernando Zobel De Ayala. The show marks the first social bond intended for healthcare-related purposes in the Philippines. The conglomerate through the AC Health healthcare unit aims to create an integrated healthcare ecosystem that will address fundamental gaps in the accessibility, affordability and quality of healthcare in the country. AC Health’s portfolio includes Generika, a chain of over 700 pharmacies that offer quality, affordable generic drugs; Healthway Philippines, a network of primary, multi-specialty and corporate clinics; the QualiMed Health Network, which operates multi-specialty clinics, an independent outpatient surgery center and full-service hospitals; and HealthNow, an all-in-one healthcare app that offers telemedicine consultations, online drug ordering and delivery, and booking of clinical and diagnostic tests.
It also has drug import and distribution arms — IE Medica Inc. and Medethix Inc. AC Health began construction of a 100-bed cancer hospital in the town of Taguig in July. The facility, which will be the country’s first cancer hospital, is expected to be completed by July 2023. “Addressing health gaps in the Philippines is a critical challenge that has been magnified by the COVID-19 pandemic Said Rana Karadsheh Haddad, regional industry director for manufacturing, agribusiness and services in Asia and the Pacific at IFC. “Our investment in this social bond from our long-time client, the Ayala Group, will help strengthen the health system in the Philippines at a critical time while helping to develop the social bond market, which is becoming an important tool in helping sector to manage the socio-economic impacts of the pandemic and build resilience against future shocks, ”Haddad said.
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