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BSP sets more rules on climate change integration


Published May 25, 2021, 5:19 PM
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they are about to issue “second-phase regulation” to make the banking sector more responsive to risks in transitioning to a low-carbon economy including climate change scenarios.
“Banks may gradually consider the future implications of ‘stranded asset risk’ in their credit portfolio,” said Diokno in a recent Investment Forum on Energy Transition.
The International Monetary Fund (IMF), in an April 2020 report, has expressed concern that with climactic trends, financial systems could be underprepared to cope with transition risk from policy, technology, legal, and market changes as they move to a low-carbon economy. These transition risks include “assets becoming stranded” as well as reputational damage, and the fear is that banks could be left with stranded assets due to climate change. ....

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SC ruling on Mandanas-Garcia petitions, a call to align local to national objectives


CITY OF SAN FERNANDO, Pampanga, April 26 (PIA) The Supreme Court’s ruling on the Mandanas-Garcia petitions rings the bell for local government units (LGUs) to revisit their programs and align them to the national government s objectives for the attainment of the Philippine Development Plan (PDP).
 
Vice Mayors’ League of the Philippines-Pampanga Chapter President and Floridablanca Vice Mayor Michael Galang pressed the need to conduct orientations and capacity-building activities to LGU officials to anchor their objectives to national or regional development programs in the coming years.
 
“Higher funds means more ways for public service. Still, the bottom line is our decision-makers, our local chief executives, our vice mayors, and councilors. How equipped are they, or how familiar are they in the PDP? How do we orient them and how do we maximize the utilization of additional resources that they will receive?,” he said during the Virtual Caravan for the ....

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