Active
This profile is actively maintained
Active
This profile is actively maintainedWebsite | https://www.rcbc.com/ |
Headquarters |
12/F Yuchengco Tower, RCBC Plaza, 6819 Ayala Ave. cor. Sen. Gil. J. Puyat Ave.
1200 Makati City
Philippines
|
CEO/chair |
Eugene Acevedo CEO |
Supervisor |
|
Ownership |
listed on Philippine Stock Exchange
RCBC's shareholder structure and other financial information can be accessed here. The bank is majority-owned by the Yuchengco Group of Companies. |
In 2022, RCBC was the eighth largest universal bank in the Philippines by total assets. It is involved in commercial, investment and retail banking activities and has assets of US $17.1 billion-equivalent and shareholders’ equity of US $2.1 billion-equivalent as of September 30, 2021. A full list of subsidiaries is available here.
RCBC has extensive energy sector investment practices, including in solar PV, gas-fired power, hydropower and coal-fired power plants, according to IJGlobal. RCBC committed in 2020 to stop funding new coal power projects (without giving a date for this target) and announced in 2022 that it will zero out its coal exposure by 2031.
RCBC's most important sustainability commitments can be found at the website sections listed below.
In December 2020, RCBC announced that it will commit no financing to new coal-fired power projects in the Philippines.
Links
Banks and Climate
A major issue that has focused attention on RCBC's climate commitments has been the investments in the bank by the World Bank's International Finance Corporation (IFC). Since 2011, the IFC has made a number of loans and equity investments in RCBC. Through a complaint to the IFC raised by community groups and international NGOs (see below), it has come to light that RCBC's sponsorship of 19 coal projects has led to the IFC's exposure to coal, which is out of step with its commitments not to finance coal power. RCBC was found to have subsequently invested in 10 coal plants after the IFC's initial involvement. The IFC was deemed by its independent ombudsman to have failed to adequately enforce its environmental and social Performance Standards for financial intermediaries in the case of RCBC. This has led to a management action plan being implemented. In spite of a commitment by RCBC in 2020 not to finance new coal plants, its ongoing involvement in a number of controversial coal projects has stayed in the spotlight due to the IFC complaints process.
Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. An evaluation of RCBC's coal policy is forthcoming (May 2023), and will be available below:
RCBC does not operate a complaints or grievances mechanism for individuals or communities that might have been affected by the bank's finance.
This page evaluates Rizal Commercial Banking Corporation (RCBC)'s responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
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