Rizal Commercial Banking Corp. on Monday said it plans to issue dollar-denominated senior unsecured notes for sustainability projects as part of its $3-billion medium-term note program.

In a disclosure to the Philippine Stock Exchange, RCBC said the debt instruments support its Sustainable Finance Framework aimed at zero financing for coal projects by 2031.

RCBC chief sustainability officer Armi Lamberte in October said the bank aims to expand its loan portfolio for renewable energy by up to 15 percent this year.

Project loans expanded

RCBC reported its loan portfolio for sustainability projects has expanded to $1.4 billion or P71 billion for over 8,000 projects.

RCBC chief risk officer Juan Gabriel Tomas IV added this amount is 2.5 times bigger than the bank's loan portfolio for coal projects.

"Over the last decade, we have funded over 3 gigawatts of renewable energy solar projects. We even have some hydro and geothermal. Wind is no longer simple wind; we're doing offshore wind," RCBC chief executive officer Eugene Acevedo said.

Tomas said RCBC has not been accepting new loan applications for coal projects since 2020.