The Bangko Sentral ng Pilipinas (BSP) is set to release new guidelines requiring banks and other financial institutions to disclose their environmental risks and sustainability practices. The regulations aim to promote transparency and align the Philippine financial system with global climate goals.
According to BSP Governor Eli Remolona, the framework will initially apply to large banks and will later expand to cover all financial institutions. The rules are part of the central bank's broader push to integrate climate-related financial risks into its supervisory framework.
Industry stakeholders have been consulted, and the final draft is expected to be published within the first half of the year. The move positions the Philippines among a growing number of countries adopting mandatory climate disclosures to combat greenwashing and encourage sustainable investments.