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BSP issues guidelines on sustainable finance framework

October 23,2020

Banks have three years to integrate sustainable finance into their operations that will protect their businesses from climate change and other environmental and social risks, according to the Bangko Sentral ng Pilipinas  (BSP). In a circular dated April 29, BSP Governor Benjamin Diokno announced that the central bank’s policy-making Monetary Board approved “the sustainable finance policy framework” that sets out the expectations of the central bank on the integration of sustainability principles, including those covering environmental and social risk areas, in the corporate governance and risk management frameworks, as well as in the strategic objectives and operations of banks.” Read more.