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June 19, 2024

HSBC aims to boost sustainable finance efforts in the Philippines

British banking giant HSBC is targeting the expansion of sustainable finance initiatives in the Philippines, with a particular focus on sectors such as manufacturing, services, and infrastructure.

HSBC’s Head of Commercial Banking for South and South East Asia, Amanda Murphy, emphasized the increasing importance of sustainability as the world transitions to a net-zero economy.

With the Philippines presenting a highly attractive market and demonstrating improved digitalization and sustainability practices, HSBC aims to facilitate foreign investment and foster business growth for Philippine companies both domestically and internationally.

HSBC Philippines’ Head of Wholesale Banking, Mimi Concha, highlighted the renewable energy sector as a key area of interest for the bank, with discussions underway regarding solar, windfarm, and other renewable technology projects.

The bank recognizes the growing focus on sustainability among clients in the Philippines and Asia, particularly in addressing climate change resilience, eco-friendly infrastructure, and carbon footprint reduction.

HSBC has been at the forefront of sustainable financing, having phased out lending to coal since 2017.

The bank is committed to allocating up to $1 trillion by 2030 to sustainable finance, covering a wide range of initiatives from lending and investment to green bond issuance.

With Asia’s rapid economic growth and increasing wealth, HSBC is prioritizing its efforts in the Philippines, Indonesia, and Vietnam, aligning its resources with the region’s promising opportunities.

As a longstanding presence in the Philippines, HSBC operates six branches and aims to leverage its global expertise in trade and capital markets to support sustainable development in the country.