The regulator said the guidelines aim to improve the overall ESRM systems of banks.
The Bangko Sentral ng Pilipinas (BSP) has published guidelines on the execution of the environmental and social risk management system (ESRM) for its supervised institutions.
The BSP said it aims to inform banks on the early steps or methods that may be considered in developing an ESRM system for the banks. It further added that the regulatory body considers climate change and environmental hazards which could pose substantial risks to the safety and soundness of the financial institutions, which may have an impact on the national financial system.
