RCBC wins gold in prestigious ESG Corporate Awards
The Rizal Commercial Banking Corporation (RCBC) has fortified its leadership in the environmental, social, and governance (ESG) space after once again receiving a major crown, this time from international finance magazine, The Asset.
During the publication’s ESG Corporate Awards 2021 held on February 15, 2022, RCBC was included among those recognized with the ESG Gold Award.
“Through the bank’s digital strategy, RCBC was able to maintain customer engagement during the pandemic, particularly supporting SMEs as they transitioned towards online banking. The bank has a robust sustainable finance framework already embedded in RCBC’s risk management systems,” The Asset said.
For two decades, Asset Benchmark Research has been analyzing how transparently and ethically Asian corporates are run and how they choose to contribute to broader society.
In the Philippines, RCBC is one of the major banks leading the efforts toward sustainability. In December 2020, RCBC made the announcement that it will no longer extend financing to new coal-fired power projects.
The bank has continued to integrate international guidelines and best ESG practice in its risk management systems.
For one, RCBC subscribes to IFC’s Performance Standards for identifying and managing environmental and social risks. The bank’s own Sustainable Finance Framework, on the other hand, is aligned with the requirements of global bond principles.
As of 2020, RCBC’s Eligible Sustainable Portfolio accounted for approximately 10 percent of its total loan portfolio. The impact of the portfolio was manifested through 9,962 projects, of which 802 were accounted for by loans supporting employment generation through SME businesses.
Just last month, the universal bank was awarded for the ASEAN sustainability bond issuance it made last year, which helped the bank raise as much as P17.87 billion.
RCBC was also awarded the Best Sustainability Bond in 2021 accolade from the Asset 2021 Country Awards.
The Asset noted how RCBC’s bond issuance was the first ASEAN sustainability bond issuance out of the Philippines in 2021 and the only peso-denominated sustainability bond printed in 2021.