outbrain
Close  

BPI sets sustainable funding framework

10:03 AM June 05, 2020
BPI makes P3B from deposit certificate issuance

BPI prexy Cezar Consing

Ayala-led Bank of the Philippine Islands has institutionalized a sustainable funding framework, expanding the green finance blueprint laid out last year, as it vowed to support projects that address social issues, in addition to initiatives with clear environmental benefits.

The framework details four key components with respect to any green, social, or sustainable bonds or loans to be issued by BPI, the bank said in a disclosure to the Philippine Stock Exchange on Thursday.

ADVERTISEMENT

These components include the use of proceeds, evaluation and selection of eligible projects, management of proceeds, and reporting.

The framework is aligned with the International Capital Market Association Green and Social Bond Principles, the Loan Market Association Green Loan Principles, and the ASEAN (Association of Southeast Asian Nations) Green, Social, and Sustainability Bond Standards.

FEATURED STORIES

“We continue to embed sustainability in the way we conduct our business. Now more than ever, we have to constantly think about the broader impact of every project that we finance – how it impacts the environment, how it contributes to society and how it aligns with our vision of a better Philippines,” BPI president and chief executive officer Cezar Consing said.

BPI Capital Corp. acted as social structuring advisor for the expansion of the bank’s Framework, while Amsterdam-based Sustainalytics – a leading independent global provider of environmental, social and governance (ESG)/corporate governance research and ratings – provided the second party opinion.

BPI, Southeast Asia’s oldest bank, is a consistent market leader in sustainable energy finance. In addition to financing projects in sustainable water and wastewater management, pollution prevention and control, and green buildings, green bonds and green loans add to its portfolio.

Green bonds are similar to traditional bonds in terms of deal structure, but they have different requirements for reporting, auditing and proceeds allocations. Eligible projects typically include renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings.

Green financing is seen continue growing as leading fund managers commit to increase their social impact investment.

ADVERTISEMENT
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: BPI, Cezar Consing, green financing
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.