Rizal Commercial Banking Corporation (RCBC) received ‘Best Sustainability Framework’ and ‘Eco-Friendly Financial Services’ recognitions from Global Good Governance (3G) Awards as recognition for the bank’s unwavering commitment to fuse sustainability into its corporate governance and banking services.
The award-giving body is spearheaded by Cambridge-IFA, an organization that offers intelligence services and business data for businesses. Its aim is to create a platform for entities to demonstrate and showcase the most effective practices in good governance and sustainability.
Among its rosters of winners include visionaries, government bodies, public and private organizations, and non governmental organizations that have exhibited exceptional commitment and work in good governance and sustainability. The awards recognize individuals and organizations in three major categories – government and politics, corporate sector, and social sector and philanthropy.
RCBC has announced it is divesting from coal-powered projects and is set to be 100% coal-free by 2031. The bank is the first ever in the Philippines to announce a groundbreaking move to move away from coal and focus on renewable energy and other sustainable sources of energy. RCBC raised a total of $400 million from its 5-year sustainability bonds according to its announcement last January. In total, the bank has issued USD 1.4 billion sustainable financial instruments to make sustainable finance accessible to consumers. Additionally, the bank also launched the Philippines’ first ever Peso Green Time Deposit which enables Filipinos to invest as low as Php 5,000, which will go to funding of green projects.
In March 2024, the bank announced that it has revised its sustainable finance framework to align with global standards. The bank has been operating its own Environmental and Social Management System since 2011, and has been funding 3GW of renewable energy projects. Wind and solar projects are also in the bank’s funding pipeline.
The bank’s employees also take a sustainability course which helps them understand their roles and responsibilities in advocating and achieving Environmental, Social and Governance principles and goals. Aside from the course, employees are trained to use quantitative climate risk analysis tools and informed of global standards through the Paris Agreement Capital Transition (PACTA) and Partnership for Carbon Accounting Financials (PCAF).The bank’s conglomerate, Yuchengco Group of Companies, invites hundreds of employees to volunteer and support the planting of 50,000 native trees in the Sierra Madre.
Aside from its commitment to make its operations and services more eco-friendly, the bank has tirelessly committed to bring inclusive digital finance to rural and remote areas. RCBC has successfully mounted and sustained a financial inclusion campaign with RCBC Pulz, RCBC Diskartech, and RCBC ATM Go. RCBC Pulz is the bank’s flagship digital banking application that is targeted to emerging affluent and affluent sectors of society. Meanwhile, RCBC DiskarTech is the world’s first multi-lingual financial inclusion application in Taglish (Tagalog-English) and Cebuano. RCBC ATM Go is the country’s first and largest network of bank-agnostic and grassroots-oriented handheld ATM terminals that services geographically isolated and disadvantaged areas.
RCBC Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva expressed his gratitude to the award-giving body, and highlighted the importance of good governance in RCBC’s quest to make finance accessible to all.
“This award is not just a recognition of past achievements but also a reminder of the responsibility we all bear in advancing the ideals of good governance. Let us continue to work together towards a future where transparency, accountability, and ethical leadership are the norm,” Villanueva said.
“Good governance is the cornerstone of progress and development, ensuring that decisions are made with integrity and for the greater good of society. It is a collaborative effort that requires dedication, commitment, and a shared vision for a better world,” Villanueva added.
