THE Bangko Sentral ng Pilipinas’ (BSP) investment in green financing could double in the next two years, its chief said in a virtual press briefing on Thursday.
The BSP governor said they remain committed to expanding their reach in sustainable financing in the country, both by increasing awareness and potentially upping their own investments to so-called “green bonds,”
At present, the BSP’s has a total of $550 million worth of investments in the Bank for International Settlements’ green bond fund.
BSP deputy director for the Supervisory Policy and Research Department Rhodora Brazil-De Vera also said there may be a chance for BSP to increase investments in green bonds further as the BSP adopted its strategic allocation to green bonds subject to monetary board approval.
“The BSP will continue to look for opportunities on how it can help increase its green bond holdings as part of its championing the sustainability agenda in the financial system,” Brazil-De Vera said.
BSP Governor Benjamin Diokno also said the BSP is committed to performing a lead role in promoting the wider adoption of sustainable finance in the country through the “Green Force.”
The Green Force is an interagency technical working group for sustainable finance with 18 members, and is co-chaired by the Department of Finance and the BSP.
“The Green Force recognizes the importance of taking a whole-of-government approach in mitigating environment-related risks, building our resilience against these risks, and accelerating the flow of finance to sustainable projects,” Diokno said.
Just last month, the Green Force launched the “Philippine Sustainable Finance Roadmap” and “Guiding Principles.”
The roadmap provides broad plans to further foster the use of sustainable finance in the country and address climate change and other environmental and social risks.
The Guiding Principles, meanwhile, aims to serve as reference in identifying activities that address the impact of climate change and contribute to sustainable development.