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ING seeks to expand its ESG holdings in the Philippines

As the Philippine economy continues to improve and in order to support the government’s efforts to combat climate change, the Dutch banking giant ING plans to further expand its sustainable financing portfolio in the country.

In response to emails from the Philippine News Agency, ING Country head Hans Sicat stated that the bank’s financing for environmental, social, and governance (ESG) initiatives “continues to increase significantly.”

According to Sicat, the bank had 317 sustainable finance transactions by the end of 2021, more than twice as many as the year before.

“We participated in 205 sustainable finance transactions in the first half of 2022. An aim we’ve set for ourselves is to mobilize € 125 billion in sustainable finance for wholesale banking globally by 2025, for example.

According to Sicat, the bank’s domestic operations are renowned for mergers and acquisitions, corporate advice, and capital markets, and as the economic recovery progresses, “we plan to increase our expertise and position in these areas.”

“As a bank and ESG thought leader, we want to enhance our focus on sustainability and support for clients, as well as invest in the growth potential of the infrastructure, financial institutions, technology, media, and telecommunications sectors. To support these growth goals, we have been adding senior personnel to our team, he said.

Recently, the bank celebrated 32 years in the Philippines.

Climate change is becoming more urgent, according to Sicat. “It is obvious that governments, companies, and people as a whole must intervene and assist address it.”

“Many of our clients’ green finance arrangements were the first ones done, and we have closed a number of deals that were firsts of their kind. We are honored to serve as our client’s “go-to” bank in the Philippines for the issuing of their first green bond and to provide financing for sustainable projects that will aid in the country’s transition to a sustainable and low-carbon economy, he continued.

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