Central Bank of the Philippines Issued the Sustainable Finance Framework
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines and a member of SBN since 2013, issued the country's first Sustainable Finance Framework in April 2020, amid the COVID pandemic. This new policy requires banks to integrate environment and social risk management in their corporate governance and risk management frameworks as well as in their strategic objectives and operations.
In his recent speech, Mr. Dionkno, the BSP Governor, set out a comprehensive vision for leveraging sustainable finance to fortify the pandemic recovery on many fronts. Highlighting the correlation between sustainable development and recovery opportunities, he called upon banks to issue social and sustainability bonds, increase digital banking and financial inclusion, and strengthen their environmental and social risk management (ESRM) systems to manage both physical and transition risks.
Read the full speech by Mr. Diokno. Read the BSP’s Sustainable Finance Framework.