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October 02, 2023

RCBC to reduce exposure to coal-fired power plants to zero by 2031

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.


PNB recognized during SSS’s 66th anniversary celebration

The Social Security System (SSS) has bestowed two prestigious awards upon Philippine National Bank (PNB), designating them as the “Best Collection Partner” for the Overseas Bank category and the “Best Disbursement Partner” for the Universal Bank category during the “Balikat ng Bayan” Awards (BBA) 2023 ceremony held at the SSS Main Office in Quezon City on September 8.

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