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Friday, March 29, 2024

RCBC set to issue peso green bonds

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Rizal Commercial Banking Corp. said Thursday it is issuing a peso green bond in its commitment to support environmental sustainability in the country.

The bank did not disclose the amount of the planned issuance but said it would be the first green bond from the Philippines issued under the Asean Green Bond Standards 2018. The bond will also be aligned with the International Capital Market Association’s Green Bond Principles 2018.

“With this first in the country initiative, RCBC affirms its commitment to support environmental sustainability in the Philippines through our operations, our partners and the businesses we serve,” RCBC president and chief executive Gil Buenaventura said in a statement.

“The bank believes that balancing non-financial factors such as environmental and social issue with financial priorities is essential to good corporate citizenship and is fundamental to risk management and the protection of its investors and shareholders,” Buenaventura said.

RCBC jointly mandated the Hongkong and Shanghai Banking Corp. and ING Bank Manila branch to arrange the issuance. ING is the sole green structuring advisor for RCBC’s green finance framework.

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