YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) is set to issue at least P5 billion under its sustainability, green or plain format fixed-rate bonds.

In a disclosure to the Philippine Stock Exchange, RCBC said the issuance is under its upsized P200billion bond and commercial paper program as approved by the board of directors on June 27, 2022.

“The bank intends to use the proceeds to support asset growth and refinance maturing liabilities, as well as supplement other general funding purposes,” said RCBC.

“The terms and timing of the proposed bonds transaction will be determined subject to the bank’s requirements and prevailing market conditions,” it added.

RCBC issued the first green bond from the Philippines under the Asean Green Bond Standards, raising P15 billion in February.

In June, P8 billion was raised from RCBC’s first peso-denominated sustainability bond under the Asean Sustainability Bond Standards and was followed by an additional $300 million in September 2019.