RCBC to secure PHP20B loan for RE projects


Amid pivoting to funding sustainable energy resources, Rizal Commercial Banking Corp. (RCBC) is gearing for a PHP 20 billion loan agreement to bankroll renewable projects, which would support 10 power plants.

In a report by the Philippine Daily Inquirer, the Head of RCBC Trust and Investments Group Robert Ramos said that their collaboration with RE players strengthened their commitment to support the country’s shift toward a greener and more sustainable future.

This is in addition to the existing sustainable financial requirements worth  $1.4 billion facilitated by the bank via “green and social assets” since the adoption of its Sustainable Finance Framework.

The company said that in assessing the sustainability of companies and countries, environmental, social, and governance factors are all being considered.

RCBC earlier said that it would zero out exposure to coal-fired power plant projects by 2031 and instead, focus its lending services on renewable energy projects.