Philippines Securities and Exchange Commission (SEC) Announces Guidelines for Issuance of Blue Bonds 
On September 21, 2023, the Securities and Exchange Commission (SEC) of the Philippines issued Memorandum Circular No. 15 of 2023, “Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines” (hereinafter “MC15”), which provides guidelines for the issuance of blue bonds in the country. MC15 is part of the SEC’s ongoing five-year drive to promote sustainable bonds and projects in the Philippines, and aims to help capital markets become one of the means to promote sustainability. It was created based on the International Finance Corporation’s Blue Finance Guidance Framework and the Asian Development Bank’s Green and Blue Bond Framework.
