ADB helps the Philippines in developing blue bonds

The Manila-based Asian Development Bank (ADB) is assisting the Philippine government in developing a blue bond that will develop a sustainable fisheries value chain in the country. ADB Principal Financial Sector Analyst Arup Chatterjee said feasibility is underway and the ADB will assess the funding needs by a blue bond. According to the ADB, a blue bond is a sustainability bond used for ocean conservation projects. The multilateral lender issued its first dual-tranche blue bonds denominated in Australian and New Zealand dollars in September last year. The said blue bonds will fund ocean conservation projects in Asia-Pacific, it added. An ADB report released in December said the Philippines has a strong marine economy, with coastline tourism activities generating revenue and jobs within municipalities.