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RCBC’s sustainability portfolio hits P120 billion in 2024

Keisha Ta-Asan - The Philippine Star
RCBC’s sustainability portfolio hits P120 billion  in 2024
These projects span around 19,000 initiatives across sectors supporting inclusive growth and environmental resilience.
Businessworld / File

MANILA, Philippines —  Rizal Commercial Banking Corp. (RCBC) has ramped up its commitment to sustainable finance, disclosing that it financed around P120 billion worth of green, blue and social projects as of end-2024.

These projects span around 19,000 initiatives across sectors supporting inclusive growth and environmental resilience.

In its 2024 Sustainability Report, the Yuchengco-led bank said these efforts align with 12 of the 17 United Nations Sustainable Development Goals and are guided by the bank’s sustainable finance framework, updated in February last year.

“RCBC actively pursues fundraising and lending toward priority sectors which have clear environmental and social benefits as laid out in the sustainable finance framework,” the bank said.

Among these priorities are clean energy, affordable housing, access to health care and education as well as support for micro, small and medium enterprises.

The listed bank also reported strong investor confidence in its environmental, social and governance direction, with $400 million raised in sustainability bonds in January 2024 and another $350 million in January 2025.

A key component of the portfolio is the bank’s growing renewable energy (RE) lending, which soared more than 80 percent in 2024, far exceeding RCBC’s target of 10 to 15 percent growth.

The RE loan book now makes up 6.8 percent of the bank’s total loan portfolio, estimated at around P48.3 billion, based on available data.

“RCBC ended the year 2024 with its power generation loan portfolio dominated by financing for RE,” the bank said.

This progress also aligns with RCBC’s long-term strategy to completely divest from coal. In the report, the bank reaffirmed its pledge to zero out coal exposure by 2031.

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