Sustainable Finance Roadmap and Guiding Principles
The Philippines launched its first-ever Sustainable Finance Roadmap in October 2021 to synergise public and private investments towards green projects. This tackles the policy and regulatory gaps in promoting sustainable finance, the implementation of sustainable government initiatives, the facilitation of investments in public infrastructure, and the development of programmes and projects that catalyse sustainable financing in the country.
Alongside the Sustainable Finance Development Roadmap, the Guiding Principles document shall serve as a taxonomy for the sustainable finance ecosystem in the Philippines. It is aligned with the ASEAN Standards for Green Bonds and EU Taxonomy, among others.
The Sustainable Finance Roadmap serves as an overarching policy to address sustainable finance needs of the Philippines, supporting the priority actions under the PAP4SCP.
The Inter-Agency Task Force for Sustainable Finance (ITSF) or “Green Force”, co-chaired by the Department of Finance and Bangko Sentral ng Pilipinas, leads the development and implementation of the Roadmap and Guiding Principles. The Green Force convenes three working clusters as sub-working groups in pursuit of the Roadmap’s objectives:
i) Financing and Investment Pipeline - To channel foreign financing, grants, assistance to priority activities/projects;
ii) Sustainable Financial Ecosystem - To cover the adoption of sustainable finance agenda, alignment of relevant regulations, including corporate governance, risk management and disclosure; and
iii) National Strategy Alignment and Policy Implementation - To capacitate relevant industries and build pathways for stakeholders to adopt sustainability agenda.
The sub-working groups have the capacity to develop programmes and measures that will promote the mainstreaming of SCP. This will be coursed through sourcing financing and integrating SCP into the sustainable financial ecosystem.