Bangko Sentral ng Pilipinas Governor Benjamin Diokno urged banks to increase their social and sustainability bonds issuance as one way of helping the country recover from the impact of the coronavirus disease 2019 or COVID-19.
Diokno, in a speech during the WWF Philippines and Bankers Association of the Philippines CEO Breakfast Forum on BSP Sustainable Finance Framework held July 21, said banks must refocus their strategy toward sectors and activities that support sustainable recovery.
“By harmonizing sustainability with recovery efforts, banks can seize various opportunities. First, banks can step up its social and sustainability bonds issuance. The health crisis put an enormous brunt on the country’s health, educational, food security and micro, small, and medium enterprises,” Diokno said.
He said channeling funds to support these sectors could help boost the country’s response to the pandemic and fast-track economic recovery.