TBILISI, Georgia—The Bangko Sentral ng Pilipinas is not keen on imposing immediate sanctions on banks that will fail to comply to the Sustainable Finance Taxonomy Guidelines .
The taxonomy uses a traffic light system — Green, Amber, and Red — will be assigned to financing activities. Green will be the assignment if the activity is aligned; amber, for partially aligned; and red for not aligned. Fonacier said since 2017, Philippine banks have issued a total of P173.2 billion peso-denominated financing and $1.5 billion for foreign currency denominated funding such as sustainability bonds.
Fonacier said this is the reason the BSP is making sure the top brass of Philippine banks are on board in terms of sustainable and green financing.
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