Fair Finance Philippines launches first policy assessment
Fair Finance Philippines launched its first policy assessment, using the Fair Finance Guide Methodology. The study, which assessed 5 major banks in the Philippines on their ESG policies, also sheds light on how bank policies can push banks to be more accountable investors and take part in building a more sustainable future.
The first Fair Finance Asia-Philippine policy assessment of banks on ESG criteria comes against the backdrop of the Bangko Sentral ng Pilipinas’ launch of the Sustainable Finance Framework last April, which was a landmark step for sustainable financing in the Philippine banking sector. The framework aims to ensure that banks begin to integrate ESG (Environmental, Social and Governance) risk reporting in the next three years.
As banks prepare to apply ESG principles in the coming years, the policy assessment done by FFA-Ph provides a baseline on how well Philippine banks respect human and environmental rights, and will help provide a basis for improving ESG integration and alignment with international standards in their financing decisions.
Read the full report here