Largest microfinance company's PhP750M additional corporate notes

June 8, 2011

PJSLAW advised the Center for Agriculture and Rural Development (CARD), Inc. on its recent follow on issuance of Php750 Million worth of corporate notes. This is the second time CARD has tapped the debt market, the first one was when it issued PhP500 Million in debt instruments in 2009. CARD is the largest microfinance institution in the Philippines employing the Grameen-style microlending with a portfolio of almost Php3.3 Billion serving roughly 750,000 impoverished Filipinos. The maiden notes issuance is a historic and trailblazing transaction as CARD is the first and only microfinance institution to have successfully tapped the debt market.

The PJS LAW team was headed by partner Ramil E. Bugayong, and assisted by Miguel A. Robillo, Joseph Anthony F. Boma and Irving N. Chua.