Connect with us

News

Legarda wants environmental units in every bank

Published

on

Legarda, chair of the Senate Committees on Finance and Climate Change, said the measure will complement the Philippine environmental laws and will contribute to their implementation. (Photo: Senator Loren Legarda/ Facebook)

Legarda, chair of the Senate Committees on Finance and Climate Change, said the measure will complement the Philippine environmental laws and will contribute to their implementation. (Photo: Senator Loren Legarda/ Facebook)

MANILA –A measure has been filed in the Senate on Tuesday seeking to establish “environmental units” in every banking institution to assess the environmental component of loan applications.

Under Senate Bill No. 436, Sen. Loren Legarda wants to ensure that loans or related funding applications in both public and private lending institutions comply with the country’s environment laws.

Legarda, chair of the Senate Committees on Finance and Climate Change, said the measure will complement the Philippine environmental laws and will contribute to their implementation.

She said that it will also further involve the private sector in nation-building.

The senator pointed out that the environmental units will continue monitoring the project’s environmental compliance until such time when the account is fully paid or the collaterals are released or substituted.

Her measure will also help facilitate sustainable development and encourage business management.

“We have to strike a balance between economic development and environmental protection by creating in-house environmental units in every lending institution that will ensure that projects subject of financing applications as well as collateral offered as security shall conform to environmental laws,” Legarda said.

“…They have to look into reported complaints against a client’s project or collateral and monitor compliance through periodic reports submitted by the clients to ensure the success of this legislation,” she added.

Under said measure, the environmental unit shall be composed of three functional units, namely: Environmental Review and Assessment Unit tasked to ensure the environmental soundness of the project and the account’s compliance with environmental laws, thereby avoiding environmental risks; Environmental Policy, Planning and Systems Management Unit tasked to develop/enhance the lending institutions internal policy to effectively implement the corporate environmental policy; and Environmental Program Management Unit tasked to develop/manage grant-assisted environmental programs and assist project management units in developing environmental-related lending facilities that will provide services/support to the bank and its clients.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

News6 hours ago

A Sydney council has banned books with same-sex parents from its libraries. But since when did councils ban books?

Rachel Claire/Pexels   Western Sydney’s Cumberland city council has banned all books depicting same-sex parents in its eight public libraries,...

Environment & Nature7 hours ago

A ‘sponge city’ may be your home in 2050

Your home was probably designed for a climate that no longer exists. As long as humanity continues to burn fossil...

Protest sign read as "My body my choice" Protest sign read as "My body my choice"
News7 hours ago

Arizona’s now-repealed abortion ban serves as a cautionary tale for reproductive health care across the US

When the Arizona Supreme Court ruled on April 9, 2024, that the state’s Civil War-era law banning nearly all abortions...

News7 hours ago

An outsider on the inside: how Ans Westra created New Zealand’s ‘national photo album

Ans Westra, self-portrait, c. 1963. National Library ref AWM-0705-F   They try but invariably fail – those writers who believe...

Canada News7 hours ago

Universities must move past research and teaching, and do more to help society

Universities have three missions. Research and teaching are the better-known. Together, they underpin the third, equally important one – contributing...

Canada News7 hours ago

Carbon offsetting not possible at Faro mine cleanup in Yukon, feds say

By Gabrielle Plonka · CBC News Faro remediation could be ‘example project’ for offsetting, expert argues It won’t be possible to offset...

Canada News7 hours ago

Northern projects net $3.2 million funding boost from Arctic Inspiration Prize

By Katie Todd · CBC News  Inotsiavik Centre in Nunatsiavut named as 2024’s $1 million winner A project to revitalise Inuttitut and...

Headline7 hours ago

DOJ prepares legal brief on PBBM’s options for ICC warrants

MANILA – The Department of Justice (DOJ) on Wednesday announced they will provide President Ferdinand R. Marcos Jr. with a...

Headline7 hours ago

Most Pinoys want military action, diplomacy approaches in WPS dispute

MANILA – A large majority of adult Filipinos want the administration of President Ferdinand R. Marcos Jr. to assert the...

Headline7 hours ago

DND: Chinese Embassy’s ‘audio record’ on WPS talks violates PH law

MANILA – The Chinese Embassy’s claim of having an audio recording of a Filipino general talking with a Chinese diplomat...

WordPress Ads