Rizal Commercial Banking Corp. (RCBC) secured the prestigious Platinum Award at The Asset ESG Corporate Awards 2023 for the second consecutive year, reaffirming its commitment to environmental, social, and governance excellence.
Likewise, RCBC bagged the ‘Best Initiative in Social Responsibility’ also by The Asset, for its ‘MoneyBela Barangayan Banking’ project.
The Asset is a financial publication in Asia that covers various aspects of the finance and investment industry. It is known for its research, analysis, and reporting on topics related to finance, banking, and investments, particularly in the Asia-Pacific region.
The Asset ESG Corporate Awards, on the other hand, is an initiative by the publication to recognize companies for their exceptional performance in environmental, social, and governance (ESG) practices. It is the longest-running ESG awards in Asia.
The Asian publication said RCBC is among the “exclusive set that have not only managed to navigate the complexity of the past 12 months but stayed the course as the recognized leader in building a better tomorrow.”
RCBC’s commitment is grounded in the principles outlined in the United Nations (UN) Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change.
In terms of the environment, RCBC consistently grew its renewable energy portfolio over the past two years with new funding for multiple solar projects in the country.
The universal bank intends to increase its renewable energy portfolio by 10 percent to 15 percent per annum in the next two years. This is in line with the bank’s public commitment to cease funding for the construction of new coal power plants and gradually taper off its coal exposures until maturity in 2031.
Meanwhile, RCBC champions inclusive funding and digital finance in the Philippines. As an example, its subsidiary, Rizal MicroBank (RMB), provides loans to micro, small and medium enterprises as well as the agricultural value chain players.
RMB has partnered with more than 86 cash agents and has processed over USD 689 thousand in transactions as of year-end 2022. RMB also developed the AgriBiz Production Loan Program in 2022, a financial assistance program to the unbanked agricultural communities.
In 2022, RCBC likewise launched “MoneyBela: Barangayan Banking,” which highlights the bank’s efforts to champion empathy-driven banking innovations and fuses the best features of digital banking and human connection. It hence makes possible a physical-digital or “phygital” banking experience by serving geographically isolated and disadvantaged communities in the country.
Through the use of sustainable electric tricycles, RCBC is able to reach rural barangays (villages) in the countryside to bring banking services truly closer to the people. It is lauded by both the Finance Secretary Benjamin Diokno and Bangko Sentral ng Pilipinas (BSP; the Philippines’ central bank) Governor Felipe Medalla for aligning with the ESG framework and the United Nations’ SDGs. The service was already made available to over 13,116 barangays or approximately 31 percent of the 42,000 total barangays nationwide.
