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RCBC establishes green finance framework

Rizal Commercial Banking Corp. (RCBC) on Monday said it has established its green finance framework, providing the basis for future issuances of green bonds and loans.

In a regulatory filing submitted by RCBC Corporate Planning head Christina Alvarez, the lender said its green finance framework under the ASEAN Green Bond Standards is the first in the Philippines.

According to RCBC, proceeds from any green financing under the framework will be used to finance or refinance a portfolio of green eligible projects relating to renewable energy, green buildings, clean transportation, energy efficiency, and pollution prevention and control.

“RCBC recognizes the importance of developing greater environmental awareness and social responsibility through its operations and the business it serves,” said RCBC CEO Gil Buenaventura.

The Yuchengco-led lender noted the framework is aligned with the ASEAN Capital Markets Forum’s ASEAN Green Bond Standards 2018.

It is also aligned with the International Capital Market Association’s (ICMA) Green Bond Principles 2018 and the Loan Market Association and Asia Pacific Loan Market Association’s Green Loan Principles 2018.

Last year, the Bankers Association of the Philippines (BAP) said it was looking at green financing, a form of investment dedicated to sustainable projects that could help mitigate the effects of climate change.

The Department of Finance (DOF) is set to hold a Green Finance Forum on Thursday, January 17, as part of efforts to harness and build on the rapidly increasing need for climate funding and the development of new markets for green finance. —VDS, GMA News