MANILA – The International Finance Corp said Monday it had issued $90 million worth of peso-denominated bonds to support renewable energy initiatives and the local capital market. 

"The bond, called the Mabuhay Bond, sets a precedent as the first green bond — denominated in Philippine pesos — to be issued by a multilateral development institution," IFC said in a statement. 

The triple-A bonds will have a 15-year maturity, said the IFC, a member of the World Bank Group.

Proceeds from the bond sale will be used to finance the Energy Development Corp’s capital expenditure program, IFC said.

"EDC is the Philippines’ largest producer of geothermal energy and one of the world’s largest integrated geothermal energy producers," IFC said. 

Energy Development Corp secures $90-million funding from IFC

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