The Bureau of the Treasury said the government’s sustainable finance framework, completed in October, has been validated by an outside consultant and will guide its future green bond issues.

“The framework lays out the process that will be used to ensure transparency and disclosure of the use of proceeds, as well as the expected environmental and social impact of eligible green and social projects, in keeping with international best practices,” the Treasury said in a statement.

The Treasury said it tapped Vigeo Eiris, an affiliate of Moody’s Corp. and a global provider of environmental, social and governance (ESG) solutions, to provide a Second Party Opinion on the framework. The assessment confirmed that the national government’s Sustainable Finance Framework and Eligible Expenditures Portfolio are in line with international standards on green bonds, social bonds, as well as green and social loan principles.

Standard Chartered Bank and UBS Group AG served as joint structuring advisors for bonds issued under the framework, the Treasury said.

Proceeds from sustainable financing are for use in projects that seek to achieve sustainable development goals as set by the United Nations, it said.

The government will also ensure that use of proceeds is in accordance with the Philippine Development Plan 2017-2022 and Public Investment Program 2017-2022.

The Treasury said that sustainable financing instruments demonstrate the government’s support for climate change commitments, including the commitment to reduce greenhouse gas emissions by 75% by 2030.

The Department of Finance (DoF) and the Bangko Sentral ng Pilipinas (BSP) approved the sustainable finance roadmap in October. The scheme hopes to harness public and private investment to support the transition to a clean, sustainable and climate-resilient economy.

Finance Secretary Carlos G. Dominguez, III has said that his department worked with the Securities and Exchange Commission (SEC) to gear up the capital markets for green investments. — Luz Wendy T. Noble