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FICOBank Embarks on a Green Banking Program

Banks do not only play a very important role in the country’s economy, but they also have the corporate social responsibility to help protect and preserve the environment. In sync with the advocacy of the Bangko Sentral ng Pilipinas on sustainable finance for environment-friendly and socially inclusive projects, FICOBank—as a responsible corporate citizen—embarked on a Green Banking Program that aims to promote the protection and preservation of the natural ecosystems and heritage resources, respectively, in every community where it operates.

FICOBank firmly believes that it is not just a caretaker of countryside’s wealth, but is one of the caretakers of the earth. With its standing policy on environmental management, and through its Green Banking Program, FICOBank acts as a catalyst for sustainable development—both for the environment and business. Acting as such, the Bank extensively uses environment management system and other environmental management and productivity tools to improve its environmental, social and financial performance.

The Green Banking Program of the Bank was crafted to: adopt the four major processes of environment management system (i.e., plan, do, correct and act); create an environmental consciousness among its officers, staffers and customers; integrate environmental management system as a vital part of its lending activities; extend loans only for commercial, agricultural and microfinance projects or activities that are free from environmental and social risks; eliminate or minimize the harmful effects of its own programs, projects, processes and activities on the environment; and achieve a continuing improvement on its environmental, social and financial performance.

As it is imperative to integrate the foregoing concerns and goals into its internal operations, business processes and service delivery, the Bank makes use of the Environmental Impact Assessment (EIA). The two-pronged purposes of the Bank’s EIA are to determine any environmental impact of a client’s business or project to be financed, and to ensure that the same is not the cause of, and will not result to, the depletion of ozone layer, denudation of forest, pollution of air, toxic waste on soil, contamination of water or damage of archaeological, historical and cultural resources.

With its Green Banking Program, FICOBank will be able to perform well its corporate social responsibility. On top of this, the Bank will be about to make better performance in terms of financial, environmental and social bottom lines.

 

 

 

 

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