The Bangko Sentral ng Pilipinas (BSP) launched its Sustainable Central Banking (SCB) Strategy which embodies the BSP’s commitment to championing the sustainability agenda in the Philippine financial system.
BSP Governor Felipe M. Medalla said, “Climate change and other environmental hazards impact the prices of goods and change the risk profile of financial institutions. We are doing what we have to do in line with our mandates of promoting price and financial stability.”
Under the SCB Strategy, the BSP will foster a policy environment conducive to the adoption and growth of sustainable finance. It also commits to adhere to the same standards set for supervised financial institutions in managing risks and in making environmentally and socially responsible investment decisions.
“The BSP is an enabler, a mobilizer, and a doer in championing sustainable finance. But we also recognize that climate action is a whole-of-society undertaking. We are in this together. We will be working together and we must take a long-term view that the things that are consistent with a better planet are also good for everyday life,” Governor Medalla underscored.
The SCB Strategy provides 11 action points integrating sustainability principles in its key operations and functions.
The Asian Development Bank (ADB) provided technical assistance in developing the strategy. The BSP also worked closely with sustainable finance expert Professor Ulrich Volz, Director, Centre for Sustainable Finance, School of Oriental and African Studies (SOAS), University of London, in crafting the strategy.
The event was attended by different stakeholders who supported the BSP in implementing various initiatives to promote the sustainability agenda.
The SCB webpage, a dedicated section on the BSP website to communicate the various partnerships and accomplishments as well as ongoing and forthcoming initiatives of the BSP in line with its sustainability agenda, can be accessed through https://www.bsp.gov.ph/SitePages/StrategicPrograms/Sustainable-Central-Banking.aspx
