With the visible impact of climate change and financial shocks, the Development Bank of Philippines has adapted to the times and created a more sustainable business plan.
The Bank advocates that the incorporation of corporate social responsibility programs is good but not enough to deal with the current business and environmental climate – there is a need to integrate these concerns into internal operations, business processes, and product offerings as well.
Standards such as the Principles for Responsible Investment and the Equator Principles are of paramount importance to the banking industry. They stress ethical investment funds, lending policies with ecological criteria, risk reduction, and reputation protection.
The Bank describes ethical banking as having three characteristics: social profitability, economic profitability, and transparency.
Read more at The Manila Times.