BPI RISE Bonds: Ayalas tap debt market to boost financing for MSMEs

The Ayala family’s Bank of the Philippine Islands (BPI) is preparing to issue P5 billion in fixed-rate bonds to improve micro small and medium enterprises’ access to financing.

In a stock exchange filing, BPI said the bonds, called The BPI Reinforcing Inclusive Support for MSMEs Bonds (BPI RISE Bonds) have a tenor 1.5-year years, offered at a minimum investment of P1 million and in additional increments of P100,000.

The BPI RISE Bonds form part of the bank’s ₱100 billion bond program approved by its board of directors last May 18.

BPI said it has option to upsize the offering subject to investor demand.

Net proceeds from BPI’s offering will be used to finance or refinance the business requirements of eligible MSMEs, consistent with BPI’s Sustainable Funding Framework.

BPI recognizes the significant contributions of MSMEs to the Philippine economy, as they account for 99.6 percent of businesses and 64.7 percent of total employment in the country.

“Support for MSMEs is seen to be critical in the post-crisis recovery of an economy battered by high unemployment, rising inflation, and disrupted supply chains,” BPI said.

The offer period will run from January 9 to 20, 2023 while the issue and listing date will be on January 30.

BPI Capital Corp. and ING Bank N.V., Manila Branch (ING) are the joint lead arrangers of the offer.

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