MANILA - The country's first gender bond issuance was launched in Pasig on Wednesday.

Microfinance non-government organization ASA Philippines Foundation raised P5 billion from the issuance of fixed rate corporate notes.

Md Kamrul Hasan Tarafder, President & CEO of ASA Philippines, said proceeds of the issue will help expand its lending business which wholly targets women as principal borrowers.

ASA Philippines currently has over 2 million active borrowers, mostly mothers working as market vendor, sari-sari store owner and agri worker.

"Nanay is the hero in the family. If you give money to the mother, you are sure over 95% of that the money or finances will be maximized primarily for the children and the rest of the family. But if you give it to the tatay, you are not even 75% sure," said the ASA head.

The bond is classified as gender bond and certified by social bond second-party opinion provider DNV.

The gender bond is jointly arranged by BDO Capital and Landbank, and supported by the Bangko Sentral ng Pilipinas and the Asian Development Bank.

"They were supporting women-led and owned MSME such as this maiden gender bond issuances. [These] have a significant multiplier effect on job creation and overall growth of the economy," said Bernadette Romulo-Puyat, Deputy Governor of BSP.

ASA Philippines plans to increase the value of the bond in the next few years as it also commits to give 50% of its net income back to the enterprising poor sector.