An $8 million bond set to debut on Singapore’s stock exchange will mobilise private capital to support social enterprises and microfinance institutions (MFIs) in Cambodia, Vietnam and the Philippines, providing nearly half a million women in these countries with more access to credit in order to improve their livelihoods.

The Women’s Livelihood Bond (WLB), billed as the first-ever social sustainability bond, was developed by Impact Investment Exchange Asia (IIX), a Singapore-based organisation that works toward increasing the access to capital for social enterprises in Asia.

The WLB has a maturity of four years and a coupon rate of 5.65 per annum, according to IIX. The $8 million bond will initially list on the Singapore Exchange, though could eventually be migrated to the Impact Exchange, a Mauritius-based platform devoted to listing shares and bonds issued by impact enterprises, NGOs and social impact funds.

Proceeds from the bond will be used to provide loans to social enterprises and MFIs across Cambodia, Vietnam and the Philippines, enabling them to better serve women beneficiaries and improve their access to finance, essential goods, income-generating assets and vocational training. – Phnom Penh Post

BPO in Malaysia to reach $1.4 bn by 2021

Malaysia’s business process outsourcing market is expected to grow at a compounded annual rate of 7.9 per cent and reach US$1.4 billion (Bt46.8 billion) by 2021, according to International Data Corporation.

The growth of the BPO market was mainly related to the increase in demand for customer care and high-end analytics solutions by Malaysian enterprises, it said in its latest research released yesterday.

Human resources, and finance and accounting made up three-fourths of the BPO market last year, followed by customer care at 14 per cent and procurement, the smallest, at 9 per cent.

“Enterprises in Malaysia are urged to increase their efficiency by improving overall customer experience, integrate better applications and upgrade their flexibility and innovation in business processes,” head of services for IDC Asean Sreenath Kandarpah said.

Most Malaysian enterprises would eventually rely on BPO providers to deliver efficient and effective services for their business process. – Bernama

Appeal court grants PAL 302m pesos in tax refund

The Tax Appeals Court has granted a 302.01-million-peso (Bt199 million) tax refund to Philippine Airlines for the excise taxes it paid for the importation of jet fuel in 2008.

The Internal Revenue Bureau levied the excise tax on the flag carrier’s jet fuel imported from August-October 2008.

The court ruled that PAL complied with the requisites to avail of the tax exemption under the presidential decree that granted the airline its franchise.

Section 13 of the decree waives the excise tax if PAL could get the supply of fuel at a cheaper price abroad.

In arguing its case, PAL cited certifications from the Philippine Civil Aviation Authority and data from the Energy Department showing that only 6,050MB (thousand barrels) was locally available, less than the flag carrier’s demand of 8,850MB.

A court-commissioned independent certified public accountant also concluded that imported jet fuel was consistently cheaper than the fuel purchased from Petron or Pilipinas Shell Petroleum in the country. – Philippine Daily Inquirer

Malaysia Airlines launches three-day flash deals

Malaysia Airlines launched its three-day flash deals campaign on Thursday with the promotion valid for travel from July 27-September 30.

The national carrier said the campaign offered customers a chance to enjoy up to 35-per-cent savings on economy class to selected routes.

The airfares are from as low as 359 (Bt2,800) ringgit to Phuket, 369 ringgit to Jakarta and 899 ringgit to Manila.

For flights to Beijing, fares start at 1,009 ringgit. Mumbai is 1,299 ringgit. These fares are for departures from KL International Airport. – The Star