RCBC wins ESG Gold citation from Hong Kong-based publisher
Rizal Commercial Banking Corp. (RCBC), led by YUCHENGCO, won the ESG Gold Award from Asset Publishing and Research Ltd. (APRL) based in Hong Kong.
At the publication’s “ESG Corporate Awards 2021” held last month, RCBC was included among those honored with the ESG Gold Award. The said award recognizes companies that make efforts for its leadership in the environmental, social and governance fields.
“Thanks to the bank’s digital strategy, RCBC has been able to maintain customer engagement during the pandemic, particularly in supporting SMEs [small and medium enterprises] as they transition to online banking. The bank has a strong sustainable finance framework already integrated into RCBC’s risk management systems,” said ‘The Asset’ magazine, ARPL’s attribution platform.
“The Asset” also noted that RCBC’s bond issue was the first ASEAN sustainability bond issue from the Philippines last year and the only peso-denominated sustainability bond to be printed in 2021.
For two decades, ARPL magazine’s landmark research has analyzed how Asian companies are run transparently and ethically and how they choose to contribute to society at large.
In the Philippines, RCBC is one of the leading banks leading efforts towards sustainability. In December 2020, RCBC announced that it would no longer provide funding for new coal power projects. The bank continued to integrate international guidelines and ESG best practices into its risk management systems.
RCBC, for example, subscribes to the performance standards of International Finance Corp. for the identification and management of environmental and social risks. The bank’s own sustainable finance framework, on the other hand, is aligned with the requirements of the Global Bond Principles.
In 2020, RCBC’s eligible sustainable portfolio represented approximately 10% of its total loan portfolio. The impact of the portfolio was manifested through 9,962 projects, of which 802 were loans supporting job creation through small and medium enterprises.
Last month, the Yuchengco-led lender was rewarded for the ASEAN sustainability bond issue it completed last year, which helped the bank raise up to $17.87 billion. pesos.
RCBC also received the award for Best Sustainable Bond in 2021 as part of ARPL’s 2021 The Asset Country Awards.