ISSUANCE OF SOCIAL BONDS AS A MEANS OF REALISING THE ASTA CITA PROGRAM
DOI:
https://doi.org/10.33603/hermeneutika.v9i1.9988Keywords:
Social Bond, Economic Equality, Public Housing, Asta CitaAbstract
Asta Cita as the President's work programme has been outlined as a National Priority in the RPJMN 2025-2029. One of the strategic programmes formulated in the President's work programme is the 6th Asta Cita, namely in the field of economic equality, especially those related to the programme to accelerate the provision of housing for the people. However, in the current financial condition of the country, it is not possible for the financing of housing provision to be borne entirely by the state budget. For this reason, financing instruments through the capital market are needed, one of which is the issuance of socially oriented debt securities (social bonds). The main problem examined in this study is the relationship between the realization of the housing provision programme for the people and the social bond financing instrument. This research method is normative legal research and has an explorative character, using a statute approach that will examine the object of research in the form of norms regulated in applicable laws and regulations in Indonesia and several conventions or international treaties and agreements. In addition, this study also uses a conceptual approach, related to the doctrine of the theory relevant to the points of this study. The results of the study show that to realize economic equality, especially related to the programme to accelerate the provision of housing for the people, social bonds can be used as one of the capital market instruments as an alternative to housing financing for the people. Social bonds are one of thematic bonds in the capital market in addition to green bonds, sustainable bonds and sustainability-linked bonds, whose existence is regulated in POJK No. 18 of 2023, which are debt securities whose proceeds are used for financing or refinancing socially oriented business activities including to support government subsidized housing loans (KPR) for low-income people.
References
(ADB), sian D. B. (2024). ADB Dukung Penerbitan Perdana Obligasi Dan Sukuk Sosial Oleh Indonesia. More on ADB’s Work in Indonesia.
Amatul Haq, N., Fauzia, A. S., & Khoirunnisa, A. P. (2019). Promoting Sustainable Financial System in Indonesia Towards SRI-KEHATI Index. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3347681
Asian Development Bank. (2021). First Social Bond Issued by Nonfinancial Corporate Issuer Under ASEAN Social Bond Standards. Asian Development Bank.
Berkelanjutan, P. H., Indonesia, B., & Forum, D. I. (2022). PERTUMBUHAN HIJAU BERKELANJUTAN BAGI INDONESIA DI FORUM INTERNASIONAL. POLICY BRIEF, 7(3).
Casanova, L., & Miroux, A. (2021). Building the Future on Esg Excellence Emi Report 2021.
Endarto, B. (2024). The Urgent Need for Blue Bond Regulation in Indonesia. Juridical Tribune - Review of Comparative and International Law, 14(4), 530–546. https://doi.org/10.62768/TBJ/2024/14/4/01
Endarto, B., Alam, A. S., Murdani, M. H., Taufiqurrahman, Fithri, N. H., Wijaya, A. U., Hadi, F., & Gandryani, F. (2022). Potret Hukum Kontemporer Di Indonesia. KYTA Jaya Mandiri.
Endarto, B., Indriastuty, D. E., & Mardiana, F. (2025). Legal transplantation of blue bond regulation in Indonesia. Environmental Development, 53, 101118. https://doi.org/10.1016/j.envdev.2024.101118
Hadi, F., Endarto, B., & Gandryani, F. (2022). Aspek Hukum Green Bond Sebagai Pembiayaan Energi Baru Terbarukan Di Indonesia. Jurnal RECHTS VINDING, 11(3).
Hayati, N., Yulianto, E., & . S. (2020). Peranan Keuangan Berkelanjutan Pada Industri Perbankan Dalam Mendukung Sustainable Development Goals. Jurnal Akuntansi Bisnis Dan Ekonomi, 6(1). https://doi.org/10.33197/jabe.vol6.iss1.2020.473
Indriastuti, D. E., Fithri, N. H., & Gandryani, F. (2025). Ecological Justice Optimizing Financing for the Transition to New and Renewable Energy Through Green Financing. Mimbar Keadilan, 18(1). https://doi.org/https://doi.org/10.30996/mk.v18i1.11111
Indriastuty, D. E., & Fithri, N. H. (2024). The Role of The Constitution in Promoting Sustainable Social Bonds in Indonesia. Jurnal Penelitian Hukum De Jure, 24(3), 265. https://doi.org/10.30641/dejure.2024.V24.265-278
Irhamsyah, F. (2019). Sustainable Development Goals (SDGs) dan Dampaknya Bagi Ketahanan Nasional Dampaknya Bagi Ketahanan Nasional. Jurnal Kajian LEMHANNAS RI, 38.
Irwansyah. (2020). Penelitian Hukum; Pilihan Metode dan Praktik Penulisan Arikel. Mirra Buana Media.
Irwansyah, & Yunus, A. (2021). Penelitian Hukum : Pilihan Metode & Praktik Penulisan Artikel. Mirra Buana Media.
Lenzi, D. (2021). Corporate social bonds: A legal analysis. European Company and Financial Law Review, 18(2), 291–320. https://doi.org/10.1515/ecfr-2021-0014
Marzuki, P. M. (2019). Penelitian Hukum Edisi Revisi Cet-11. Kencana Prenada Media Group.
Nanda Aulia Rahmawati, Shalfian Agung Prasetyo, & Muhammad Wildan Ramadhani. (2024). Memetakan Visi Prabowo Gibran Pada Masa Kampanye Dalam Prespektif Pembangunan. WISSEN : Jurnal Ilmu Sosial Dan Humaniora, 2(3), 97–120. https://doi.org/10.62383/wissen.v2i3.176
Number, P. P., Assistance, S. T., & Policy, I. (2023). Strengthening Ecosystem for Sustainable Finance in. March.
Peeters, S., Schmitt, M., & Volk, A. (2020). Social Bonds Can Help Mitigate the Economic and Social Effects of the COVID-19 Crisis. EMCompass Emerging Markets, 1–8.
Sidorenko, E. (2021). Social bonds as a tool for financing concession projects in the housing and communal services sector in Rostov oblast, Russia. E3S Web of Conferences, 281, 1–8. https://doi.org/10.1051/e3sconf/202128108009
UN Global Compact. (2019). Corporate Finance - A Roadmap to Mainstream SDG Investments.
Zefanya, A. (2023). Pertama di RI, SMF Terbitkan Social Bond Rp 8 T. CNBC Indonesia.
Downloads
Published
Issue
Section
Citation Check
License
Copyright (c) 2025 Dwi Elok Indriastuty
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to Jurnal HERMENUTIKA, Sekolah Pascasarjana Ilmu Hukum. Universitas Swadaya Gunung Jati as publisher of the journal. Copyright encompasses rights to reproduce and deliver the article in all form and media, including reprints, photographs, microfilms, and any other similar reproductions, as well as translations.
Jurnal HERMENEUTIKA, Universitas Swadaya Gunung Jati and the Editors make every effort to ensure that no wrong or misleading data, opinions or statements be published in the journal. In any way, the contents of the articles and advertisements published in Jurnal HERMENEUTIKA are the sole responsibility of their respective authors and advertisers.
