Yuchengco-led Rizal Commercial Banking Corporation (RCBC) reaped two awards in the sustainable finance space during the recently held The Asset Triple A Country Awards 2019 last January 16, 2020.
RCBC bagged the country’s Best Issuer for Sustainable Finance – Financial Institution award for pioneering initiatives that help support and prioritize sustainable projects that create meaningful impact on the communities and the environment.
The bank’s P8-billion Fixed Rate ASEAN Sustainability bond issued in 2019 bagged the country’s Best Sustainability Bond Award, being the first of its kind issued in the Philippines. The bonds, due on 2021, were met with strong demand which led the bank to upsize from the target offering of P5 billion pesos.
Net proceeds are being utilized for projects and initiatives under the Eligible Green and Social Categoriesunder RCBC’s Sustainable Finance Framework.
“This milestone strengthens our resolve to promote sustainable practices and continue to take an active role in building a sustainable future for the country,”SEVP and RCBC Treasurer Horacio E. Cebrero III said.
In 2019, RCBC issued a total of P38B sustainable and green bonds under its Sustainable Finance Framework that is aligned with the ASEAN Capital Markets Forum (ACMF) 2018 ASEA Green Bond Standards, ASEAN Social Bond Standards and ASEAN Sustainability Bond Standards.
The framework is also in line with the International Capital Market Association’s (ICMA) 2018 Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, as well as the Loan Market Association and Asia-Pacific Loan Market Association’s (LMA/ APLMA) 2018 Green Loan Principles.