For banks that backed PH coal boom, the path to renewable energy comes with roadblocks pcij.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pcij.org Daily Mail and Mail on Sunday newspapers.
For banks that backed PH coal boom, the path to renewable energy comes with roadblocks Banks in Asia and the Philippines are moving at a snail’s pace in defunding coal. At least 10 Philippine banks gave $841 million in loans and participated in $1.3 billion worth of underwriting activities involving at least five coal companies since the 2015 Paris climate agreement. BY KAROL ILAGAN June 29, 2021 | 07:00:00 AM
In 2017, a network of more than 100 organizations filed a landmark climate complaint against the International Finance Corp. (IFC), the private sector arm of the World Bank.
The Philippine Movement for Climate Justice (PMCJ) accused the IFC of contributing to the climate crisis as it had funded 19 coal power plants across the Philippines through a local bank, the Rizal Commercial Banking Corp. (RCBC), the ninth largest bank in the country in terms of assets.
Philippine financial markets closed for Holy Week break
Published April 1, 2021 10:34am The Philippines financial markets are closed on Thursday and Friday, April 1 and 2, in observance of the Holy Week holidays. Trading on the Philippine Stock Exchange and spot transaction at the Bankers’ Association of the Philippines will resume on Monday, April 5, 2021. The benchmark PSE index closed at 6,443.09 on Wednesday, lower by 102.46 points or 1.57% as worries over the possible extension of the enhanced community quarantine in Metro Manila and its nearby provinces compelled investors to off-load positions ahead of the long Holy Week break. The Philippine peso, meanwhile, ended stronger against the US dollar by 1.5 centavos to P48.53:$1 from Tuesday’s finish at 48.545.