Featured Product

    BSP Publishes Roadmap and Guiding Principles on Sustainable Finance

    November 12, 2021

    The Central Bank of the Philippines (BSP) published sustainable finance roadmap and guiding principles that set out the necessary guideposts aimed at unlocking funds for sustainability projects and initiatives. The guidance takes a principles-based approach to identifying economic activities that contribute to supporting sustainable development, with a focus on addressing the impact of climate change, and aims to encourage the flow of capital to these activities. The roadmap will focus on activities related to both the greening of the financial system and the financing of sustainable activities, with a focus on climate change as a critical contributor to the achievement of Sustainable Development Goals.

    The roadmap is the strategic action plan of government to promote sustainable finance in the Philippines and to address climate change and other environmental and social risks. The key plans for the development of sustainable finance include the following:

    • Integrating sustainability considerations into macroeconomic policies and regulations
    • Embedding sustainability into the risk management of the banking, insurance, and asset management sectors
    • Encouraging sustainability and climate-related disclosures
    • Improving the Sustainable Finance definition and creation of a principles-based taxonomy
    • Establishing a sustainable pipeline database, both for public- and private-sector projects
    • Joining international initiatives on sustainable finance

    Additionally, BSP issued a report on the financial system for the first semester of 2021. The report underscored the sustained resilience of the financial system in Philippines amid COVID-19 pandemic. The assessment of the strengths and sources of vulnerabilities of the banking system, based on a set of Financial Soundness Indicators, suggested that the banking system remained sound and stable even during the health crisis. In the first semester of 2021, the banking system remained on solid footing as evidenced by continued growth in assets, deposits, and capital as well as through sufficient capital and liquidity buffers, net profits, and ample loan loss reserves. The report also highlights the satisfactory performance of the foreign currency deposit system, trust entities, quasi-banks, and other non-bank financial institutions during the period under review. In another update, BSP Governor emphasized that BSP is actively exploring Supervisory and Regulatory Technology (suptech/regtech) solutions that will automate regulatory supervision, reporting, and compliance assessment of cybersecurity risk management of banks.

     

    Related Links

    Keywords: Asia Pacific, Philippines, Banking, Sustainable Finance, Climate Change Risk, Suptech, Regtech, COVID-19, ESG, Roadmap, Sustainable Development Goals, Disclosures, Guidance, BSP

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206