Ayala Malls Greenbelt 1 facade
MANILA, Philippines — Ayala Land Inc. (ALI) is redeveloping Greenbelt 1, its landmark Makati mall built in 1982, into a greener, more resilient building. This is with the help of a P12.87-billion sustainability-linked loan from the International Finance Corp. (IFC).
Financing from IFC, the private sector arm of the World Bank Group, will also support the development of Ayala Malls Evo City in Cavite. Together, the two large-scale commercial projects have an estimated gross leasable area of 89,000 square meters.
The IFC said the investment is expected to generate over 1,000 direct jobs during construction and operations. Merchant activities in the new properties are projected to employ about 3,000 workers, creating vibrant commercial ecosystems in both districts.
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At the same time, Ayala Land agreed to apply the IFC’s Building Resilience Index (BRI) across 50 commercial and industrial properties. This makes it the first developer globally to embed the tool into its project development process.
“By embedding sustainability into our projects, we enhance customer experience, protect long-term value for our stakeholders, and set new benchmarks for the industry,” said Meean Dy, ALI president and CEO.
“Our partnership with IFC demonstrates that sustainable financing is not only achievable, it’s scalable. This is a model for how we will fund our growth in the future,” Dy added.
Ayala Land’s commercial real estate portfolio
The latest agreement builds on IFC’s inaugural sustainability-linked loan to Ayala Land in 2024. Back then, IFC invested P14.5 billion to support the property giant in decarbonizing its commercial real estate portfolio.
The financing packages are tied to Ayala Land’s progress on sustainability targets. These include a 42 percent cut in greenhouse gas emissions across its commercial leasing portfolio by 2030. They are also linked to ALI’s securing EDGE Zero Carbon certification for 1.5 million square meters of office space by the end of 2025.
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By adopting IFC’s BRI and EDGE certification tools, the developer aims to tackle both climate mitigation and adaptation. Thus, it is positioning itself as the world’s largest holder of EDGE Zero Carbon–certified and BRI-rated projects.
“IFC is proud to deepen our partnership with Ayala Land as it pushes the frontier for sustainable real estate in the Philippines,” said Amena Arif, IFC country manager for the Philippines.
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“This programmatic approach not only mobilizes financing, but also creates jobs and strengthens resilience in a country prone to extreme weather events,” Arif added. /rwd
