Rizal Commercial Banking Corp., one of the largest universal banks in the country, launched on Wednesday the first environment-related time deposit in the Philippines.
The bank said in a statement the Peso Green Time Deposit is an investment opportunity for clients who are also committed to promoting environmental awareness and protection. It is among the bank’s products that aim to promote sustainability in banking.
RCBC retail banking group head Richard Lim noted the growing awareness about sustainability among the younger segment.
“Through this product, individual investors or even private corporations have a more accessible vehicle to participate and contribute to a sustainable future,” Lim said.
The funds under the Green Time Deposits will be used exclusively to support RCBC’s green asset portfolio which includes funding support for green projects such as renewable energy, pollution prevention and control, energy efficiency, sustainable water management, and clean transportation.