Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) headed by bankero Eugene Acevedo aims to have a zero exposure on coal-fired power projects by 2031.
Beth Coronel, head of the consumer banking group at RCBC, said the listed bank has a remaining exposure of around P42 billion to coal-fired power plants.
“We expect to zero that out in nine years, specifically 2031,” Coronel said in a virtual press conference.
The Yuchengco-led bank has been gradually shifting its project funding to non-coal such as renewable energy.
In 2020, the Department of Energy (DOE) issued a moratorium on new coal plants as it recognized the need for the country to shift to a more flexible power supply mix.