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Local climate justice advocates are demanding a more sustainable corporate policy from the Rizal Commercial Banking Corp. (RCBC), as they staged a peaceful protest at their Iligan branch. The demonstration was organized by groups Iligan-Lanao Movement for Climate Justice (ILMCJ) and the Philippine Movement for Climate Justice (PMCJ), both urging the bank to divest from coal and fossil fuel projects.
In a letter addressed to branch manager Lani Castro, the groups claimed that such investments worsen the climate crisis and harm local communities.
“We are here to remind RCBC that their investments have real consequences. Communities like ours in Lanao are already facing the impacts of climate change, and continued support for coal only deepens our struggles,” ILMCJ spokesperson Maria Santos said.
While Castro did not issue a formal acknowledgement, she received the letter and promised to forward the group’s messages to RCBC’s legal team. After the group’s dialogue with bank officials, they continued their protest outside, voicing their opposition against fossil fuels through placards and chants.
A Call For Sustainable Finance
This action is part of a broader, nationwide climate divestment movement that has gained momentum in light of Bangko Sentral ng Pilipinas’ (BSP) adoption of Sustainable Finance Taxonomy Guidelines (SFTG), which urge banks to adopt sustainable finance principles.
Under the SFTG, the BSP uses a “traffic light system” to classify bank activity: “green” for SFTG-aligned activity, “amber” for partially-aligned activity, and “red” for those that are not aligned.
RCBC has previously pledged to reduce coal exposure and cut all its loans to coal plants by 2031, but environmental groups continue to challenge its pace and transparency. The PMCJ previously filed a complaint to the International Finance Corporation’s (IFC) Compliance Advisor Ombudsman (CAO) on behalf of communities living in the vicinity of coal-fired plants financed by the bank.
Watchdogs For A Greener Financial Path
While Mindanao is often sidelined in national discussions, it is deeply affected by both coal projects and climate-induced disasters. Groups like PMCJ and ILMCJ are giving voice to frontline communities, such as fisherfolk and small farmers, who directly experience the environmental costs of fossil fuel dependency.
“Banks like RCBC have the power to make a difference,” PMCJ-Lanao coordinator Ramil Dela Cruz said. “We will keep pushing until they fully divest from coal and commit to clean, renewable energy,” he added.
The group vowed to continue its campaign until financial institutions fully shift toward renewable energy financing. While Philippine banks have instituted sustainable finance programs, fossil fuel plants are clearly still getting significant funding. National and local environmental groups will serve as the public’s watchdogs for SFTG compliance.
Sources:
https://business.inquirer.net/448681/sec-issues-ph-firms-guide-on-sustainability
