BUILDING on P&A Grant Thornton's commitment to sustainability, embodied by its sea turtle mascot, P&AWI, last week's article explored how the resilience and ecological balance these creatures represent parallel the critical role of sustainable finance in the Philippine banking sector. This article introduces the Philippine Sustainable Finance Taxonomy Guidelines (SFTG), issued in February 2024, that mark a significant milestone in the country's journey towards a sustainable future.
Developed through the efforts of the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and the Insurance Commission, the guidelines aim to channel capital towards economic activities that further sustainability goals, such as reducing greenhouse gas emissions and enhancing climate resilience. However, implementation of the SFTG presents both challenges and opportunities for Philippine banks and their clientele.
