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Home › Banks ›
Bank
Rizal Commercial Banking Corporation (RCBC)Philippines

Active

This profile is actively maintained
Last update: 2023-05-08 00:00:00
A RCBC branch in Muntinlupa. Photo: Judgefloro via Wikimedia (CC0 1.0 public domain license)

Active

This profile is actively maintained
Last update: 2023-05-08 00:00:00
About
Website 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.

Sustainability
Commitments
Policies
Voluntary standards

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

Sustainability

Sustainable Bonds 2021 Impact Report

Sustainable Bonds Audit and Allocation Report

A limited, one-page summary of all of RCBC's ESG bonds, categorised according to several "green" or "social" purposes.

RCBC's Sustainable Finance Framework

RCBC's commitments to using sustainable financial instruments. Appendix 1 stipulates all of the exclusion criteria for sustainable finance instruments (SFIs), among which is the exclusion of "fossil fuel power generation as well as activities that are knowingly and intentionally dedicated to support the expansion of fossil fuel based technologies".

Sustainalytics (independent consultant) report on RCBC's Sustainable Finance Framework (SFF)

2019-04-30 00:00:00

Sustainable finance framework

Bank policy
2019-04-30 00:00:00 | RCBC
Rizal Commercial Banking Corporation (RCBC) has committed itself to the following voluntary standards:
Indonesia Sustainable Finance InitiativeTags: corporate social responsibility
Campaigns

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:

News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Clean Energy Group: Banks provided $1.8B to coal, gas projects

2023-04-19 | Power Philippines
BankTrack news BankTrack blog Partner news Partner blog

IFC must stop funding fossil fuels via financial intermediaries, new report says

2023-04-12 | Recourse
Blog
BankTrack news BankTrack blog Partner news Partner blog

IFC announces it will stop clients funding new coal projects

2023-04-04 | Recourse
BankTrack news BankTrack blog Partner news Partner blog

IFC Board Approves Action Plan for CAO Investigation of IFC Investments in Rizal Commercial Banking Corporation (RCBC) in the Philippines

2022-04-08
BankTrack news BankTrack blog Partner news Partner blog

RCBC vows to stop financing coal plants by 2031

2022-03-31 | BusinessWorldOnline
BankTrack news BankTrack blog Partner news Partner blog

Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal

2021-12-14 | IDI
Resources
Documents
2023-04-18 00:00:00

2023 Fossil Fuel Divestment Scorecard

Partner publication
2023-04-18 00:00:00 | Withdraw from Coal (CEED)
2023-04-04 00:00:00

Full IFC ombudsman (CAO) complaint details

Other document
2023-04-04 00:00:00 | Compliance Advisor Ombudsman
2022-04-12 00:00:00

Annual report 2021

Annual report
2022-04-12 00:00:00 | RCBC
2021-11-19 00:00:00

Compliance Investigation Report

IFC Investments in RCBC, The Philippines
Bank document
2021-11-19 00:00:00 | Compliance Advisor Ombudsman
2021-07-22 00:00:00

Switching on Transformative Energy

Partner publication
2021-07-22 00:00:00 | CEED
2020-06-30 00:00:00

Coming clean: can the IFC help end coal finance?

NGO document
2020-06-30 00:00:00 | Recourse, Trend Asia, Philippine Movement for Climate Justice and Korea Sustainability Investing Forum
2020-05-31 00:00:00

The Decade in Review

Expanding Coal, Lagging Renewables & Rising Fossil Gas
Partner publication
2020-05-31 00:00:00 | CEED
2019-04-30 00:00:00

Sustainable finance framework

Bank policy
2019-04-30 00:00:00 | RCBC
2017-10-11 00:00:00

Initial complaint by the PMCJ to the IFC's ombudsman

NGO document
2017-10-11 00:00:00 | Philippines Movement for Climate Justice (PMCJ)
Accountability
Grievances

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".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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