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Sustainable Finance Framework - Circular No. 1085

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Summary

The guidance requires banks to embed sustainability principles (including those covering environmental and social risk areas) in their corporate governance framework, risk management systems and strategic objectives consistent with their size, risk profile and complexity of operations. Banks are provided a period of 3 years within which to fully comply, however shall provides a board-approved transition plan upon request of the BSP starting six months from the effectivity of the circular's issuance.

Thumbnail image for The guidance requires banks to embed sustainability principles (including those covering environmental and social risk areas) in their corporate governance framework, risk management systems and strategic objectives consistent with their size, risk profile and complexity of operations. Banks are provided a period of 3 years within which to fully comply, however shall provides a board-approved transition plan upon request of the BSP starting six months from the effectivity of the circular's issuance.
Issuer

Philippines

Year

2021

Region

Asia

Issuer (type)

Bangko Sentral ng Pilipinas (Central Bank)

Policy Type

Other sustainability policy

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Finance & Insurance
Restrictiveness

Very Low

Sustainable Development Goals (SDGs)
  • SDG 1: No Poverty
  • SDG 4: Quality Education
  • SDG 5: Gender Equality
  • SDG 6: Clean Water and Sanitation
  • SDG 8: Decent Work and Economic Growth
  • SDG 10: Reduced Inequality
  • SDG 11: Sustainable Cities and Communities
  • SDG 12: Responsible Consumption and Production
  • SDG 13: Climate Action
  • SDG 14: Life Below Water
  • SDG 15: Life on Land

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