Eli M Remolona: Forging a sustainable future for the Philippines
Speech by Mr Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the
central bank of the Philippines), at the Welcome Reception of the World Economic
Forum: Country Roundtable on the Philippines, Manila, 18 March 2024.
* * *
Introduction
President of the World Economic Forum Børge Brende, Special Assistant to the
President for Investment and Economic Affairs Secretary Frederick Go, Finance
Secretary Ralph Recto, and the rest of the Cabinet secretaries who are here with us
tonight. To the members of the Monetary Board, distinguished guests, ladies and
gentlemen, a pleasant evening to you all.
Thank you for joining us tonight for the Welcome Reception for the Delegates and
Guests of the World Economic Forum's Country Roundtable on the Philippines.
The magnificent 10-panel work of art you see around you is by National Artist Botong
Francisco. It depicts the Filipino struggle through history.
Today, we face another struggle. That is the struggle to forge a sustainable future.
Toward sustainability
With the specter of climate change, the concept of sustainability naturally evokes a
vision for a livable and thriving planet.
For the BSP [Bangko Sentral ng Pilipinas], building a resilient and inclusive financial
sector is a strategic thrust toward a sustainable future for the country.
Thus, we have embarked on an agenda with the goal of building a climate-resilient
financial system that still supports the financing needs of a growing economy.
To this end, we have issued regulations to promote the banks' effective management of
their ESG [environmental, social, and governance]-related risks and to nudge them to
fulfill their catalytic role in sustainability.
Just recently, we issued a circular adopting the first Philippine Sustainable Finance
Taxonomy Guidelines. This circular provides a common benchmark for classifying
financed activities based on their alignment with environment and social objectives.
A common benchmark allows for transparent reporting which builds institutional
credibility and investor confidence. It also guides data collection to inform initiatives to
further mobilize sustainable financing.
The other agenda we pursue for a resilient and inclusive financial sector is digitalization.
Apart from promoting efficiency and adapting to the rapidly changing financial
landscape, we see digitalization as a pathway to financial inclusion.
1
Today, more and more Filipinos are part of the formal financial system. We look
forward to seeing this inclusion pave the way for access to more financial products and
economic opportunities for all.
Conclusion
Allow me to extend my gratitude to the World Economic Forum for providing a platform
and opportunities for emerging markets, such as the Philippines, to showcase our
potential.
Let me end by wishing all the Forum delegates a productive and enjoyable two days in
Manila. We look forward to the great exchanges on clean energy and digital
transformation as well as other topics, touching on the drivers of infrastructure
development, competitiveness, and inclusive growth. May these dialogue and
discussions lead to meaningful partnerships.
We are confident that your investments in the country-both existing and forthcoming-will
be worthwhile and will yield mutually beneficial outcomes.
Thank you once again for gracing this occasion. Please enjoy the rest of the dinner.
1
65 percent of Filipino adults have transaction/formal accounts in 2022, a significant
increase from 56 percent in 2021 and just 23 percent in 2017.