MANILA, Philippines — The monetary regulator will give local banks a three-year transition period for them to reorient their strategies and operations toward so-called sustainable finance initiatives, including incentivizing loans toward borrowers who adhere to environmental principles.
In a statement, the Bangko Sentral ng Pilipinas said it will engage banks in discussions during this timeframe before the full implementation of Circular No. 1085 on Sustainable Financial Framework.
Within that period, BSP Governor Benjamin Diokno said banks are expected to identify and execute specific actions on the implementation of Monetary Board-approved strategies and policies on the inte…
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