Fair Finance Philippines launches new policy assessment

On 22nd March 2024 Fair Finance Philippines launched it's 2022 policy assessment examining the policies of the country’s top five biggest banks, BDO Unibank, Inc. (BDO), Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LBP), Metropolitan Bank & Trust Company (MBTC), and Rizal Commercial Banking Corporation (RCBC).

The findings reveal that the banks scored highly in financial inclusion and consumer protection with an average of 7 and 4.9 out of 10, respectively. On the other hand, the banks scored zero under the themes of nature and climate change. According to the 2023 World Risk Report, this is particularly concerning given the Philippines’ status as the country most at risk from disasters. While all five banks have strategies to reduce their greenhouse gas (GHG) emissions, none of them disclose measurable targets to reduce GHG, and none of them have a time-bound phase-out strategy for coal and gas. This is a crucial concern for the Philippines because of its vulnerability to the risks stemming from the climate crisis.

Download the full assessment here.