BSP adopts sustainable capacity building strategy

The Bangko Sentral ng Pilipinas announced last Thursday that it has launched its “Sustainable Central Banking (SCB) Strategy, which exemplifies BSP’s commitment to supporting the sustainability agenda in the Philippine financial system.”

A statement from the Central Bank quoted BSP Governor Philip M. Medalla said, “Climate change and other environmental risks are affecting commodity prices and changing the risk profile of financial institutions.”

“We are doing what we need to do in line with our mandates of strengthening prices and financial stability,” Medalla said.

The BSP said that under the SCB’s strategy, it will promote a policy environment conducive to the adoption and growth of sustainable financing. It also adheres to the same standards set for supervised financial institutions in managing risk and making environmentally and socially responsible investment decisions.

“The Business Settlement Payment Program (BSP) is an enabler, an advocate, and an advocate for sustainable finance. But we also recognize that climate action is the mission of the whole of society. We will work together and we must take the long-term view that things that go together With a better planet also useful for everyday life.”

BSP said that the SCB’s strategy provides 11 action points that integrate sustainability principles into its key operations and functions.

The Asian Development Bank (ADB) provided technical assistance in developing the strategy. The BSP also worked closely with sustainable finance expert Professor Ulrich Volz, Director of the Center for Sustainable Finance, School of Oriental and African Studies (SOAS), University of London, in formulating the strategy.

The event was attended by various stakeholders who have supported the BSP in implementing various initiatives to advance the sustainability agenda.

The SCB webpage, a dedicated section on the BSP website reporting on various partnerships and achievements as well as ongoing and upcoming initiatives of BSP in line with its sustainability agenda, can be accessed https://www.bsp.gov.ph/SitePages/StrategicPrograms/SustainableCentral-Banking.aspx.

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