Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Appraisal: CAO Appraisal Report - Philippines/ RCBC-01 - October 2019 - English

...financial intermediary investments. In October 2018, the IFC CEO announced a new approach to FI clients exposed to coal. IFC affirmed that it would support financial intermediaries that formally commit upfront to reduce or, in some cases, exit all coal investments over a defined period. IFC noted that it would “require new equity financial intermediary clients exposed to coal projects to publicly disclose their total exposure in this sector.”26 In summary, IFC’s policy framework commits the inst...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Compliance Review: ToR for Philippines/ RCBC-01 Investigation - English

...financial intermediary portfolio, and IFC’s monitoring and supervision of RCBC’s environmental and social performance. The complaint was transferred to CAO’s compliance function for appraisal in April 2019. Based on a preliminary review of IFC’s documentation and discussions with the IFC team, CAO decided to trigger an investigation.6 1 IFC Disclosure, Summary of Proposed Investment (SPI): project number 30235. Available at http://bit.ly/2J0EsQa. 2 Business World Online, February 26, 2013, RCBC ...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Filing: Letter of complaint

...financial institutions such as the IFC to the coal industry further pushes the country down the path to assured perdition. --- SECTION 1: FINANCIAL LINKS BETWEEN IFC AND 19 COAL-FIRED POWER PLANTS 10. There is limited transparency of IFC’s financial intermediary portfolio. IFC publicly releases very little information about its financial intermediary transactions, and what it does publish on its website is not ...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Appraisal: CAO Appraisal Report - Philippines/ RCBC-01 - October 2019 - Filipino

...financial intermediary. Noong Oktubre 2018, inanunsyo ng CEO ng IFC ang isang bagong pamamraan ng mga kliyenteng FI na namumuhunan sa karbon. Kinumpirma ng IFC na susuportahan lamang nila ang mga financial intermediary na pormal na mangangako sa simula pa lamang na pabababain o di kaya naman, sa ilang nga halimbawa, lalabas sa lahat ng pamumuhunan sa karbon sa loon ng isang takdang panahon. Nakita ng IFC na ito ay “mangangailangan na ang mga bagong kliyenteng Financial Intermediary na namumuhuna...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Eligibility: CAO Assessment Report - Philippines/ RCBC-01 - April 2019 - English

...financial products and services, including commercial and retail banking, credit cards, asset management, and treasury and investment banking products and services. IFC’s investments aim at supporting RCBC’s growth in the areas of micro-finance, small and medium-sized enterprises, and retail banking, as part of IFC’s strategy to support the Philippine financial markets through investments in local financial institutions that play a key role in providing access to finance to underserved sectors. ...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Eligibility: CAO Assessment Report - Philippines/ RCBC-01 - April 2019 - Filipino

...financial intermediary portfolio nito; ang pagsubaybay at pamamahala nito sa pagganap ng RCBC sa usaping pangkapaligiran at panlipunan, lalo na’t may pamumuhunan ito sa mga negosyong may potensyal na magdulot ng malalaki at masasamang epekto sa kapaligiran at lipunan, o kaya ay mga epekto na kakaiba (diverse), hindi na maibabalik (irreversible), at hindi pa nangyayari kailanman (unprecedented), katulad ng pamumuhunan sa sektor ng coal; at sa pagsunod sa sarili nitong mga polisiya at patakaran na...