BUILDING on P&A Grant Thornton's commitment to sustainability, embodied by its sea turtle mascot, P&AWI, last week's article explored how the resilience and ecological balance these creatures represent parallel the critical role of sustainable finance in the Philippine banking sector. This article introduces the Philippine Sustainable Finance Taxonomy Guidelines , issued in February 2024, that mark a significant milestone in the country's journey towards a sustainable future.
The implementation of the SFTG will also have a significant impact on bank clientele, particularly in terms of access to finance and the need for adaptation:– Access to sustainable finance: Clients whose activities align with the SFTG will have greater access to sustainable finance options, such as green bonds, sustainability-linked loans and other financial products designed to support sustainable initiatives.