LOCAL banks have pledged support to the government’s recently launched sustainable finance roadmap.

In a statement on Thursday, the Bankers Association of the Philippines (BAP) said they enjoin the vision of the government to finance more sustainable practices, especially as the Philippines remain one of the most vulnerable countries to climate change disruption.

“The Bankers Asso-ciation of the Philippines supports the National Government’s Philippine Sustainable Finance Roadmap led by the Department of Finance and the Bangko Sentral ng Pilipinas,” the BAP said.

“Sustainable finance is a major keystone in our efforts to protect the environment and promote economic growth as long-term green investments will not just conserve our natural resources, but are envisioned to create jobs for the Filipino people,” it added.

According to BSP data, $4.8 billion or 29 percent of Asean-linked green, social, and sustainability bonds were issued by 15 Philippine companies from the banking, electric and water utilities, renewable energy, real estate, and supranational sectors as of September 30 this year.

BAP also said the Philippine banking system has “proactively taken steps” to promote sustainable finance.

Since 2017, seven local banks have already issued more than $1.15 billion of green, social, and sustainability bonds.

“As a country with a high level of environmental vulnerability, the BAP joins the National Government on its strong resolve to promote sustainable finance,” the BAP said.

“The Association will continue to work with the regulatory and other government agencies on policies and strategies that can bring the country forward to a better environmental, social and economic condition now and in the future,” it added.

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