Rizal Commercial Banking Corporation (RCBC) boosted loans for renewable energy (RE) projects by 80 percent, resulting in a smaller loan portfolio for coal projects.
RCBC recently shared the growth in RE loans as it commits to phase out coal projects by 2031.
RCBC said its total RE loans already reached P52.7 billion last year, jumping from P28 billion in 2023.
"For the first time, our renewable energy portfolio surpassed the coal portfolio. The steady decline in coal exposure reflects our continued shift toward sustainable investments," said RCBC Chief Sustainability Officer Armi Lamberte.
In terms of sustainable finance portfolio, RE loans accounted for 44 percent as of March 2025.
RCBC said the funds already helped build 22 projects last year which was an increase from the 14 projects the bank supported in 2023.
The RE portfolio consisted of wind, solar, geothermal, and hydroelectric projects which have produced over 2,000 megawatts since 2012.
More sustainability bonds
RCBC is offering fixed rate peso-denominated sustainability bonds worth at least P3 billion until 9 July.
The bonds carry a fixed annual interest rate of six percent and a tenor of two and a half years.
RCBC accepts a minimum investment of P100,000 and increments of P10,000.
The bonds represent the eight drawdown from the bank's P200 billion bond and commercial paper program.
The joint lead arrangers, bookrunners, and selling agents for the bond offer are Standard Chartered Bank and RCBC Capital Corporation.