Latest figures show that those banks have issued green, social, and sustainability bonds totalling USD 1.15 billion and PHP 85.4 billion in both foreign and local currency denominated bonds, respectively. Amid the pandemic, two banks issued social bonds worth approximately PHP 29 billion to finance or refinance the needs of eligible micro, small, and medium enterprises.
Issuances by Philippine companies, including banks, reached USD 4.8 billion or 28 percent of the total ASEANlabelled Green, Social, and Sustainability Bonds as of end-October 2021. Climate-proofing the financial system provides growth opportunities for banks such as Maybank. Just recently, we witnessed the landmark climate summit unfold at COP26 in Glasgow. The world’s financial leaders committed to fund the shift to reduce carbon emissions.