MANILA–The Bangko Sentral ng Pilipinas said Monday it signed the United Nations-supported Principles for Responsible Investment, the leading global network of public and private institutions committed to incorporating environmental, social and governance considerations into their investment practices.
PRI chief executive David Atkin said the BSP should be commended for its commitment to incorporate ESG factors into its ownership and investment decisions.
“We are extremely pleased to welcome BSP as a PRI signatory. As the central bank for the Republic of the Philippines, BSP has a broad mandate and responsibilities, and a unique opportunity to influence the responsible investment ecosystem in the market,” Atkin said in a statement.
The PRI was developed in 2005 by a group of the world’s largest institutional investors in a process convened by then United Nations Secretary-General Kofi Annan.
By signing the PRI, investors commit to integrating ESG issues into their policies, where consistent with their fiduciary responsibilities.
Becoming a PRI signatory complements the BSP’s membership to the Network of Central Banks and Supervisors for Greening the Financial System and is part of the BSP’s 11-point Sustainable Central Banking Strategy.
The BSP said it recognizes that in fulfilling its mandates, it should take concrete actions in promoting the sustainability agenda. Joining the PRI aligns with the bank’s mission and values, it said.
The initiative allows the BSP to deepen its understanding of responsible investing, enhance the inclusion of ESG factors into the overall investment process and decision-making, benchmark its practices with other PRI signatories, and thereby, help achieve the BSP’s sustainability objectives.