Rizal Commercial Banking Corp. (RCBC) said Tuesday it amended its Sustainable Finance Framework to align with current global standards.
RCBC said in a disclosure to the stock exchange the new framework follows the Securities and Exchange Commission (SEC) Guidelines on Eligible Blue Projects and the International Finance Corp. (IFC) Guidelines for Blue Finance.
“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 Eugene Acevedo said.
He said it was also updated to align with latest developments from the International Capital Market Association (ICMA) on Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines, as well as with the Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA) and Loan Syndications and Trading Association (LSTA) Green Loan and Social Loan Principles.
It continues to conform to the ASEAN Capital Markets Forum (ACMF) Green Bond, Social Bond and Sustainability Bond Standards.
The framework was amended under the supervision of the Sumitomo Mitsui Banking Corp. (SMBC) Singapore Sustainability Solutions Group APAC and a second party opinion has been issued by Sustainalytics, affirming the alignment of the bank’s Sustainable Finance Framework with relevant principles and market practices.
The bank said its updated Sustainable Finance Framework remains aligned with the four pillars of sustainable finance: use of proceeds, project evaluation and selection, management of proceeds and reporting.
RCBC financed over 8,200 projects under eligible green and eligible social categories amounting to P71.2 billion in 2022.
It raised $400 million from its five-year sustainability bonds issuance in January, which was 5.9-times oversubscribed.
