Insular Life plunks funds into Asean Green Bonds

The insular Life Assurance Co. Ltd. (insular Life) announced last Wednesday it has invested in the Asean Green Bonds issued by the Citicore energy Rei T Corp. (CRei T ).

The country’s oldest insurer disclosed that the fixed-rate bonds of CR ei T has a coupon rate of 7.0543 percent—which it noted was a “a first of its kind—and will mature in February 2028.

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(L-R) insular Life executive Chairman nina D. Aguas said the investment in CR ei T ’s bonds would help the company improve its goal of “promoting sustainability.”

“We want to continue creating value through sustainable investing, and we are thankful for the opportunity CR ei T afforded us,” Aguas was quoted in a statement as saying. she added the firm, “being a mutual company that is owned by its policyholders, has always endeavored to be sustainable and thrive in various circumstances.” insular Life Chief investment Officer Vera Victoria C. Morales said the “sustainable” investment is in line with the company’s mission of providing “high-value” insurance products and services “while leaving a good legacy for the future generations.” insular Life has previously made investments in other sustainable undertakings. Last year, the company made a “significant” investment in south Luzon Thermal energy Corps., a subsidiary of Ayala-led listed energy firm ACen Corp., as the firm transitions to renewable energy. i n 2018, i n sular Life bought the i nternational Finance Corp. Green Bonds that sought to fund projects that promote renewable power, energy efficiency, sustainable agriculture, green buildings, among others.

“After all, we must be able to fulfill our future obligations when they become due,” Aguas said.

The insurer noted that CR ei T ’s Asean green bonds have been rated PR s Aa+ with stable outlook by the Philippine Rating s e rvices Corp. The rating indicates that CR ei T i s capable of meeting its financial obligations.

“The proceeds of the offering will be used to acquire a solar rooftop system and land parcels in Batangas that will be leased to solar power generators and operators affiliated with CR eiT ’s sponsor, Citicore Renewable energy Corp. (CR eC),” it said.

The insurer said it recently launched its “systematic Global sustainable investment Fund,” or “GsiF.” “A first in the industry, GsiF is an investment fund that supports environmental-, social- and governancefocused outcomes with the potential to earn monthly payouts,” it added.

Jasper Emmanuel Y. Arcalas