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Manila Bulletin devider Business devider Banking industry drives towards sustainable financing

Banking industry drives towards sustainable financing

Published Mar 3, 2025 10:40 am

The British Chamber of Commerce Philippines (BCCP) hosted its latest Trade & Connect event, “Navigating the Future: Unlocking Sustainable and Green Investment Opportunities,” made possible through the support of KPMG as its major sponsor, Flat Planet as the venue partner, and the Manila Bulletin as the media partner,

The event brought together key government and banking leaders to explore the crucial role of finance in advancing the country’s transition to a sustainable economy. The Department of Finance Chief-of-Staff and Undersecretary Maria Luwalhati C. Dorotan-Tiuseco, Department of Energy Assistant Secretary Mario C. Marasigan, CESO III, and Philippine National Bank Senior Vice President for Structuring & Execution Jean Marie Baruelo led discussions on policy frameworks, climate financing mechanisms, and investment opportunities shaping the renewable energy landscape.

The Philippines’ demonstrates its commitment to global climate goals, citing the country’s ratification of the Paris Agreement and its ambitious target of reducing emissions by 75 percent by 2030 through the Nationally Determined Contributions (NDCs), Tiuseco further highlighted key policy measures, including the National Adaptation Plan (NAP), NDC Implementation Plan, and Philippine Energy Plan, which together establish a clear roadmap for climate mitigation, adaptation, and energy transition. Thus, the role of private sector participation becomes vital.

Additionally, the Philippines aim to establish clearer reporting guidelines for environmental, social, and governance (ESG) investments to improve transparency and investor confidence. During the panel discussion, PNB Senior Vice President for Structuring and Execution, Jean Marie Baruelo, provided an in-depth look at how financial institutions are integrating ESG principles into their lending and investment strategies.

“The Philippine National Bank, as part of the BSP-supervised institutions, abides by regulatory requirements, particularly BSP Circular 1085, which mandates a Sustainable Finance Framework,” Baruelo explained. She also highlighted that banks continue to refine their approach to financing transactions that adhere with sustainability standards.

She elaborated on PNB’s decision-making process, which follows a strict ESG risk assessment framework. “We review the use of proceeds for every borrowing transaction through a decision tree—assessing whether it contributes to climate adaptation, mitigation, or falls under exclusion categories.”

Additionally, PNB has also taken significant steps in capital market participation, having realigned its Sustainable Finance Framework and secured second-party certification from S&P Global to ensure alignment with Green Bond Principles, Social Bond Principles, and FIPA guidelines.

“Sustainability is no longer just a CSR initiative—it is embedded in our core strategy,” Baruelo emphasized. “We have transitioned from merely planting trees to mainstreaming ESG into all aspects of risk management, digital transformation, and investment structuring. The goal is to promote sustainable long-term growth while ensuring financial resilience.”

BCCP Executive Chairman Chris Nelson further noted that developments in the banking sector will further boost investor confidence in the country. The British Chamber also supports the initiative of the Philippine Economic Zone Authority to hold its upcoming investment mission in the UK in June 2025. Nelson further added, “The Philippines’ commitment to renewable energy positions it as a key player in the transition to cleaner power sources while creating a favorable environment for both domestic and foreign investors.”

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British Chamber of Commerce of the Philippines
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