Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is actively increasing its focus on sustainable financing as part of the banking sector’s support towards “building a climate-resilient and low-carbon portfolio.”
In a report by the Philippine Star, RCBC President and CEO Eugene Acevedo stated that the bank allocated around P69 billion for sustainable financing as of the end of November last year.
Acevedo mentioned that 75% of the total portfolio would finance green projects, primarily for renewable energy (RE) development, while the remaining 25% will be used for social project funding.
In line with the Bangko Sentral ng Pilipinas (BSP) directive to promote “environmentally and socially responsible business practices”, RCBC targets to support more renewable energy projects this year.
Acevedo said that its Php 39 billion “coal exposure” as of end of November last year, “will gradually taper off until full maturity in 2031.”