MANILA, Philippines, Dec. 18, 2024 /PRNewswire/ -- Ayala Corporation signed a €50 million (₱3.1 Billion) social loan from leading European bank ING to support AC Health's portfolio growth.
From left, Wing Bayoneta, Product Management & Development Lead,ING Philippines; Lenin Duenas, Head of Corporate Sector Coverage and Financial Institutions, ING Philippines; Jun Palanca, Country Manager and Head of Wholesale Banking, ING Philippines; Albert de Larrazabal, Chief Finance Officer, Ayala Corporation; and Estelito Biacora, Treasurer, Ayala Corporation, during the signing ceremony.
Key officers of Ayala Corporation on December 16, including Chief Finance Officer Albert de Larrazabal and Treasurer Estelito Biacora, finalized the deal with ING, represented by Jun Palanca, Country Manager for ING Philippines, and Lenin Dueñas, Head of Corporate Sector Coverage and Financial Institutions for ING Philippines.
This social loan from ING comes at an opportune time, as AC Health continues to make strides in addressing significant pain points in the Philippine healthcare sector. Proceeds of the social loan are allocated to AC Health portfolio growth, and capital expenditures for 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.
Jun Palanca, Country Manager for ING Philippines, said: "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 Corporation. ING's commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact."
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.
"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."
About Ayala Corporation
For 190 years, Ayala Corporation has been building businesses that enable people to thrive.
Ayala, currently one of the largest conglomerates in the Philippines, has meaningful presence in real estate, banking, digital solutions, and renewable energy. It likewise has a growing presence in healthcare, mobility, and logistics as well as investments in industrial technologies, education, and other ventures. Ayala manages its corporate social responsibility initiatives through Ayala Foundation.
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