REGULATION OF SOCIAL BONDS FOR AFFORDABLE HOUSING FULFILMENT (A LEGAL COMPARISON BETWEEN INDONESIA AND THE PHILIPPINES)
(Uma Comparação Jurídica entre Indonésia e Filipinas)
DOI:
https://doi.org/10.18623/rvd.v22.n3.3374Keywords:
Affordable Housing, Indonesia, Legal Comparison, The Philippines, Regulation, Social BondsAbstract
Achieving the affordable housing aspect of SDG 11 requires robust regulatory and financial support. Consequently, capital market financing instruments, such as social bonds, are essential. The study's main focus is a comparative analysis of the regulations for affordable housing programs financed through social bond instruments in Indonesia and the Philippines. The results show differences that the Philippines provides more specific regulatory provisions for social bonds. However, a similarity exists, as both nations adopt the Social Bond Principles issued by the International Capital Market Association (ICMA) and the ASEAN Social Bond Standards. From international law’s perspective, the recognition of regulations, principles, and legal standards developed by nonstate organizations implies a shift in their legal status. The Vienna Convention of 1986 has shifted the position of ICMA and ACMF for member countries like Indonesia and the Philippines from merely coordinative to a subordinative status. Furthermore, Indonesia's social bond regulation leans toward legal harmonization, whereas the Philippines employs the unification concept for ICMA and ASEAN standards. The Philippines' use of the unification concept for the ASEAN Social Bonds Standards offers greater potential to boost confidence among foreign investors, especially those in ASEAN, in its social bond issuances.
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