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Press Release October 21, 2021

BAP Statement on the Launching of the Sustainable Finance Roadmap

The Bankers Association of the Philippines supports the National Government’s Philippine Sustainable Finance Roadmap led by the Department of Finance and the Bangko Sentral ng Pilipinas. Sustainable finance is a major keystone in our efforts to protect the environment and promote economic growth as long-term green investments will not just conserve our natural resources, but are envisioned to create jobs for the Filipino people.

The Philippine banking system has proactively taken steps to promote sustainable finance. Since 2017, seven local banks have already issued more than $1.15 billion of green, social, and sustainability bonds, a mechanism that not only promotes sustainability but growth of the Philippine capital market.

As of September 30, 2021, $4.8 billion or 29% of ASEAN-linked green, social, and sustainability bonds were issued by 15 Philippine companies from the banking, electric and water utilities, renewable energy, real estate, and supranational sectors, according to BSP data.

As the country with high level of environmental vulnerability, the BAP joins the National Government on its strong resolve to promote sustainable finance. The Association will continue to work with the regulatory and other government agencies on policies and strategies that can bring the country forward to a better environmental, social and economic condition now and in the future.