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September 22, 2023

BSP chief urges banks to balance sustainability with social responsibility

Bankero and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona has underscored the need for domestic banks to adopt a sustainable framework that benefits both environmental goals and the impoverished population.

During a Philippine Economic Briefing on August 14, Remolona highlighted the BSP’s commitment to sustainable finance that doesn’t come at the expense of the poor, promoting small-scale sustainable projects and emphasizing financial inclusion.

The BSP’s approach includes stress tests for climate risks and a taxonomy for bank assets based on their impact on sustainability and financial inclusion, with disclosure playing a role in influencing behavior.

The BSP launched its Sustainable Central Banking (SCB) strategy in December 2022, aiming to integrate green and sustainability principles into its operations and the financial system at large.


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