RCBC updates sustainable finance framework to align with int’l rules
RIZAL COMMERCIAL Banking Corp. (RCBC) has amended its sustainable finance framework to align with the updated principles of offshore bond associations, it said on Tuesday.
The lender updated its guidelines to align with the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines and with the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications and Trading Association’s Green Loan and Social Loan Principles, the Yuchengco-led bank said in a statement.
“We remain to be a catalyst for positive change through responsible finance which can help contribute to the protection and restoration of our planet’s invaluable ecosystems. The amended framework also reinforces our support in addressing societal needs toward sustainable development,” RCBC President and Chief Executive Officer Eugene S. Acevedo said.
RCBC expanded its eligibility criteria for social projects, and for green projects to include a subset of blue projects.
The amendments are also in line with the Securities and Exchange Commission’s Guidelines on Eligible Blue Projects and the International Finance Corp.’s Guidelines for Blue Finance.
Sumitomo Mitsui Banking Corp. Singapore Sustainability Solutions Group Asia Pacific advised RCBC in the amendment of its framework. Sustainalytics also issued a second party opinion for the amendments to ensure they are in line with principles and market practices. —
TUESDAY, MARCH 5, 2024