ISSUANCE OF SOCIAL BONDS AS A MEANS OF REALISING THE ASTA CITA PROGRAM

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.