Philippines relaxes rules to spur lending for green projects

MANILA (Bloomberg): The Philippine central bank will temporarily allow banks to set aside lower reserves for sustainable bond sales and expand their lending capability, part of broader initiatives to combat climate change.

The monetary board has approved a gradual reduction in the reserve requirement rate for green, social, sustainability, and other sustainable bonds issued by banks to zero from 3% at present, the Bangko Sentral ng Pilipinas said in a statement Saturday.