Moody’s Predicts the Philippines to Issue Sukuk to Fund Infrastructure Drive

March 30, 2020

In a recent report issued by Moody’s Investor Services (Moody’s), it is reported that the Philippines might venture into issuing Sukuk to fund the country’s massive infrastructure development.

An Islamic Banking Law passed in August 2019 is expected to pave the way for the Philippine Government to explore the Sukuk market as funding needs have increased amid aggressive infrastructure development.

The Governor of the Bangko Sentral ng Pilipinas (Central Bank of Philippines), Benjamin Diokno, had recently stated that three conventional banks, including a foreign bank have expressed their interest in establishing Islamic banking units.