Philippines Unveils Inaugural Sustainability Report

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has published its inaugural sustainability report, fulfilling one of the key strategies outlined in the bank’s 11-point Sustainable Central Banking (SCB) Strategy. The sustainability report highlights the central bank’s integration of ESG considerations into strategic objectives and functions, as well as progress in promoting sustainability in financial markets. It outlines BSP’s ESG initiatives under the functions of financial supervision, monetary policy, reserve management, credit operations and support operations, with the latter including risk management, currency production, and technology development. The report also covers the central bank’s active participation in national and international sustainable finance conversations. Detailed in the report, the BSP has developed several upcoming plans and initiatives targeted at advancing sustainability objectives, including the creation of taxonomy, granting of regulatory incentives to encourage financing for sustainable projects and investments and improvements to stress-testing guidelines, prudential reports and disclosure requirements. Felipe Medalla, Governor of the BSP, said: “Building on the gains of the BSP’s earlier sustainability efforts, specific targets and metrics will be established to measure and reduce our organisational carbon and environmental footprint across key operations. The BSP will ensure the promotion of an enabling environment for sustainable finance by forging closer ties and collaboration with key stakeholder groups in the public and private sectors.” 

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