In a related development, the BSP, together with the Department of Finance (DOF), co-chairs a newly formed inter-agency task force that is mandated to facilitate green finance initiatives. Members include the National Economic and Development Authority (NEDA), Bureau of the Treasury (BTR), Bases Conversion and Development Authority (BCDA), Department of Energy (DOE), and Climate Change Commission (CCC).
The interagency committee is working on a draft executive order – for the signature of the President– that will spell out deliverables and targets in relation to green finance initiatives of the country. Meantime, some banks are already embarking on green finance while regulations on these are under way.