📋 Tender Overview
Project Number
51040
Company Name
AYALA LAND, INC.
Date ESRS Disclosed
Aug 27, 2025
Country
Philippines
Region
East Asia and the Pacific
Last Updated Date
Environmental Category
B - Limited
Status
Pending Disbursement
Previous Events
Approved : Jul 3, 2025
Signed: Aug 22, 2025
Sector
other
Industry
other
Department
Regional Industry - MAS Asia & Pac
Project Description
IFC is proposing to provide AyalaLand Malls, Inc. (ALI or the Company) with up to 14.3 billion Philippine Pesos (PHP) (equivalent to approximately US$250 million) in local currency on IFC’s own account in the form of sustainability-linked financing (SLF) with up to 8-year tenor (the SLF2). The SLF 2 proceeds will be used for the construction of two (2) new malls in Metro Manila-Makati City (Greenbelt 1) and in Kawit, Cavite (EvoCity) southwest of Metro Manila on existing brownfield sites (the Project). Construction work is being completed by Makati Development Corporation (MDC), a wholly owned subsidiary of ALI. The Project will be operated by AyalaLand Malls, Inc. (ALMI), a wholly owned subsidiary of ALI, once completed. Construction has commenced and it is expected that both malls will be completed by mid-2027 to 2028. The loan complements IFC’s existing investment to ALI committed in 2024 (SLF1) that has been utilised for reinvention and refurbishment of ten (10) existing malls in Manila and Cebu, including an adjacent mall at the Greenbelt site.
Overview of IFC's Scope of Review
IFC’s Environmental and Social (E&S) appraisal of the proposed investment was conducted in April 2025 and consisted of (i) interviews with ALI’s environmental and social teams, as well as construction workers and service staff (including both males and females); (ii) review of site specific management plans and project related plans (note that ALI’s corporate E&S documentation was provided and reviewed as part of the SLL1 investment); iii) site visits to the Greenbelt and EvoCity locations, including site walk over, review of OHS policies and risks, community impacts and pollution control and management.
