MANILA, Philippines – Rizal Commercial Banking Corporation (RCBC) launched the first environment-related time deposit in the Philippines in a bid to promote environmental awareness while saving up.
Under RCBC’s peso green time deposit, clients can invest from P5,000 to P5 million, with term options of 30 days, 45 days, 60 days, 90 days, 180 days, and one year.
Green and sustainable financial products presently being offered in the country are in the form of loans and bonds.
Proceeds will be used exclusively for the bank’s green asset portfolio.
The portfolio includes funding support for green projects such as renewable energy, pollution prevention and control, energy efficiency, sustainable water management, and clean transportation.
“We developed this product for an unserved segment in the market whose objectives would dovetail with our green and social goals under the bank’s Sustainable Finance Framework,” said RCBC treasury group head Ricky Cebrero.
The launch of the product comes over a year after the Yuchengco-led bank turned its back on coal-fired power projects and promised to increase funding for green and sustainable projects. – Rappler.com