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Scale up green finance, BSP urges PH banks

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The central bank affirmed its commitment to champion sustainable finance and entrench environmental, social, and corporate governance principles into the Philippine financial system. | daxINQ

The BSP also leads financial institutions in carrying out environmentally and socially responsible business decisions and adopting green practices, including adopting green principles in their investment portfolios. In particular, the BSP has invested in the Green Bond Fund of the Bank for International Settlements as part of its sustainable investment strategy.

“Understanding the [environmental, social, and corporate governance principles] and climate risks will help banks to effectively manage such risks and to unlock the opportunities contributing to the scaling up of green or sustainable finance,” Diokno said. Also present during the digital forum were IMF Deputy Managing Director Antoinette Sayeh, Indonesian Minister of Finance Sri Mulyani Indrawati, Thai Minister of Finance Arkhom Termpittayapaisith and Monetary Authority of Singapore Managing Director Ravi Menon. INQ

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