IFC holds a Study Tour with Bangko Sentral ng Pilipinas and Bankers Institute of the Philippines in Mongolia on Sustainable Finance
Manila, The Philippines, 19 June 2017. As part of enhancing capacities and raising awareness on sustainable finance practices in Philippine banks, IFC organized a study tour for the Bangko Sentral ng Pilipinas (BSP) and Bankers Institute of the Philippines (BAIPHIL) from June 15 -17, 2017 in Ulaanbaatar, Mongolia.
Hosted by the Mongolian Bankers Association (MBA), BSP and BAIPHIL participants were able to see and learn about environmentally friendly and socially inclusive finance practices of MBA and its member banks, as well as understand Bank of Mongolia (BOM) and the Mongolia’s Ministry of Environment and Tourism (MET) initiatives in cooperation with MBA in promoting good sustainable finance principles and standards in banking operations.
As one of the founding members of the IFC-supported Sustainable Banking Network (SBN), the MBA has successfully positioned itself as a consensus builder, mobilizing the entire banking community to jointly develop, adopt and implement the Mongolian Sustainable Finance Principles and Sector Guidelines. IFC has been supporting this initiative since 2013. MBA forged a strong public-private partnership with the BoM and MET and the Mongolian Sustainable Finance Principles have become the key component of the Mongolian Government’s National Green Development Policy.
The IFC and BSP recently signed a Memorandum of Understanding (MOU) to enhance capacities and raise environmental, social governance standards and risk management among Philippine banks through information and knowledge exchange in cooperation with BSP and BSP’s active participation in the SBN.
The BSP, MBA, BOM and the MET are members of the SBN and this Philippine-Mongolia cross border exchange is an example of peer knowledge exchange and learning visits conducted by SBN members.
“Over past years, Mongolia has made some great progress to transform its domestic financial systems to support national goals on climate change and sustainable growth,” said Mr. Unenbat J., CEO of MBA. “We would be happy to promote cross-border cooperation and exchange our experiences and best practices with other emerging markets and SBN members.”
“IFC is proud to connect Mongolian and Philippine banking sectors, as part of the wider SBN network, to share experience in this shared journey toward sustainable finance,” said Tuyen D. Nguyen, IFC Resident Representative in Mongolia. “Higher standards of environmental and social risk management by financial institutions are a powerful way to manage concrete business risks, increase market trust, and attract investment, especially toward green financing.”
IFC E&S risk management program in the Philippines is implemented in partnership with the State Secretariat for Economic Affairs of Switzerland.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit: www.ifc.org
About IFC-supported Sustainable Banking Network
The Sustainable Banking Network is a knowledge and capacity-building platform of financial regulators, banking associations, and environmental regulators from emerging markets interested in developing sustainable finance frameworks based on national context and priorities, as well as international good practices. IFC acts as the Secretariat of the Network, playing the role of facilitator and technical adviser to SBN. SBN membership now consists of 31 member countries, which represent over 85 percent of the banking assets across emerging markets. For more information on the Sustainable Banking Network, visit www.ifc.org/sbn.
The Mongolian Bankers Association (MBA) is an industry association that voluntarily unites 24 local and international member organizations including all local commercial banks, representative offices of foreign banks and other associate organizations.The role of the MBA is to represent the interest of the banking sector and serve its members as a sounding board of policy discussions. The vision of the MBA is to play a leading role in the country’s sustainable development, ensure sustained economic growth, provide strategic support to the stability of Mongolia’s financial sector, and support the country’s development as a regional financial center. For further information, visit http://www.mba.mn
About Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) is the central monetary authority of the Republic of the Philippines. Its primary objective is to maintain price stability conducive to a balanced and sustainable economic growth. It aims to promote and preserve monetary stability and convertibility of the national currency. The BSP provides policy directions in the areas of money, banking and credit. It supervises operations of banks and exercises regulatory powers over non-bank financial institutions with quasi-banking functions. The BSP likewise takes lead in promoting an efficient payments and settlements system by providing the necessary infrastructure through the operation of the Philippines’ real time gross settlement system.
The vision of the BSP is to be a world-class monetary authority and a catalyst for a globally competitive economy and financial system that delivers a high quality of life for all Filipinos. To support the achievement of this vision, the BSP has committed to promoting financial inclusion as a means to achieve inclusive growth. The BSP initiatives cover four broad areas (a) policy and regulation, (b) financial education and consumer protection, (c) data and measurement, and (d) advocacy programs. www.bsp.gov.ph
About Bankers Institute of the Philippines
The Bankers Institute of the Philippines (BAIPHIL) is a prestigious and respectable banking organization. Founded in 1941, it now boasts of sixty-three (63) institutional members composed of universal, commercial, and thrift banks, as well as banking-related institutions. At present, it has more than 250 key executives as associates and sustaining life members who actively participate in its various projects. Its mission is providing support to banks towards productivity enhancement through research, information exchange and education. It has been developing and conducting trainings, workshops, and learning sessions to inform, update and upgrade the Filipino bankers’ knowledge and expertise. Throughout the seven decades of its existence, the Institute has lived up to its mission of providing support to banks towards productivity enhancement through research, information exchange and education. It has been developing and conducting trainings, workshops, and learning sessions to inform, update and upgrade the Filipino bankers’ knowledge and expertise. For more information, visit http://www.baiphil.org/.