State-owned Development Bank of the Philippines (DBP) has received a “Good” alignment rating from Sustainable Fitch for its green and social bond framework, clearing the way for the lender to access sustainable debt markets.
The second-party opinion, issued on May 26, found the framework aligned with International Capital Market Association and ASEAN standards for green, social and sustainability bonds.
The assessment provides investors a reference for how DBP will allocate, manage and report proceeds from future green and social bond issuances.
DBP may deploy proceeds across seven green categories, including renewable energy, clean transport and climate adaptation, as well as five social categories covering infrastructure, food security and housing.
Sustainable Fitch also gave the framework an “Excellent” score for transparency and governance, citing its dual-unit project screening process and requirement for annual allocation and impact reporting verified by a third party.
The review noted a disclosure gap on the share of funding allocated to new financing versus refinancing, saying greater clarity would improve investor assessment of additionality.
The framework bars financing for fossil fuels, alcohol, gambling, tobacco and weapons.
DBP, designated as the country’s infrastructure bank in 2017, had assets of more than P1.04 trillion as of end-2025.
Its development loan portfolio stood at P507.9 billion at end-2024, focused on logistics, social infrastructure, small businesses and climate-related projects.
