Bangko Sentral ng Pilipinas Managing Director Lyn Javier discussed the implications of the new circular, and what it would mean for local banks. The BSP, according to Javier, will engage banks that may make use of globally accepted frameworks in meeting the circular’s requirements.

Javier added that the new circular was not merely to outline sustainability reporting guidelines, but to promote the practice of understanding, adopting, and inculcating ESG principles into the core of each bank.

Global Reporting Initiative Public Policy and Corporate Relations South East Asia Manager Dr. Allinnettes Adigue handled questions on the wider global landscape of sustainability reporting. According to Dr. Adigue, there is a trend worldwide towards the adoption of sustainability principles, with 88% of Fortune 500 companies producing sustainability reports. GRI is one of several internationally recognized reporting frameworks that may be utilized by banks in compliance with the Sustainable Finance Framework.

Adigue added that investors have been looking at simplicity and standardization. The concern for most investors, according to Adigue, is the link between sustainability practices and financial performance.

WWF-Singapore Asia Sustainable Finance Vice President Sylvain Augoyard presented a closer snapshot of sustainability reporting in the Asia-Pacific region. Banks and financial institutions in the region, Augoyard reports, have been following international trends towards the adoption of ESG practices. With growing international support and with trillions of dollars set aside for sustainable projects, Augoyard reiterated the potential for local banks to incorporate ESG principles into their business practices.

The webinar ended with words of encouragement from Bankers Association of the Philippines Managing Director Benjamin Castillo. The BAP has been working with WWF-Philippines on mainstreaming sustainable finance since 2018.