RCBC revises finance framework

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Rizal Commercial Banking Corp. (RCBC) has revised its sustainable finance framework following the Securities and Exchange Commission’s (SEC) release of its guidelines on eligible blue projects and the International Finance Corp.’s (IFC) guidelines for blue finance.

RCBC said the framework is also updated to align with latest developments from the International Capital Market Association (ICMA) on Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines, as well as with the Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA) and Loan Syndications and Trading Association (LSTA) Green Loan and Social Loan Principles.

RCBC said the framework continues to conform to the ASEAN Capital Markets Forum (ACMF) Green Bond, Social Bond, and Sustainability Bond Standards.

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The lender tapped Sumitomo Mitsui Banking Corp. Singapore Sustainability Solutions Group APAC in amending the framework, and a second party opinion has been issued by Sustainalytics, to affirm the alignment of the framework to relevant principles and market practices.

“We remain to be a catalyst for positive change through responsible finance which can help contribute to the protection and restoration of our planet’s invaluable ecosystems. The amended Framework also reinforces our support in addressing societal needs toward sustainable development,” said Eugene Acevedo, RCBC chief executive officer .

Acevedo said RCBC’s sustainable finance framework remains aligned with the four pillars of sustainable finance – use of proceeds, project evaluation and selection, management of proceeds, and reporting.

In 2022, RCBC financed over 8,200 projects under eligible green and eligible social categories worth P71.2 billion.

In January , it raised $400 million from its five-year sustainability bonds issuance that was 5.9x oversubscribed.

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