From New Normal To Better Normal: What's In It For Banks?

Wazzup Pilipinas!

The framework for a better normal, enabled by sustainable finance, has been laid down.

The World Wide Fund for Nature and the Bankers Association of the Philippines hosted a CEO Forum, “From New Normal to Better Normal: What’s in it for Banks?” with a focus on supervisory expectations and ways forward by the banking sector with the April 29 BSP issuance of the Sustainable Finance Framework, under Circular No. 1085.

Mr. Fabian Dee, BAP Second Vice President and Metropolitan Bank and Trust Company President, recounted the beginning of BAP's partnership with WWF-Philippines for the attending local banks during the forum.

The Association took its first foray into sustainable finance with WWF as early as 2018, beginning with a peer learning exchange with the Association of Banks in Singapore and the ASEAN Bankers Association (ABA), BAP Second Vice President and Metropolitan Bank and Trust Company President Fabian Dee said. The BAP is Permanent Chair of the ABA Education Committee. As part of its remit, the BAP has partnered with WWF to provide capacity building on sustainable finance for its member banks.

The Framework, issued during stringent lockdowns in Metro Manila in response to the public health crisis, is seen by the Bangko Sentral ng Pilipinas as an important and timely contribution towards foresight and mitigation by the banking industry of future systemic risks - not unlike COVID-19 and climate change - that are detrimental to financial stability.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno presented the government's current operations and strategies in response to the pandemic. He was joined by BSP Deputy Governor Chuchi Fonacier in presenting their mandate as well.

Despite the economy’s forecasted contraction due to restrictions in movement and dampened consumer spending, BSP Governor Benjamin Diokno pointed to the country’s strong position before the pandemic hit. The 4-pillar response strategy of government also intersect with the UN Sustainable Development Agenda, showing consistency between recovery and building a green and sustainable economy.

Alongside the Circular, Mr. Diokno announced sustainable central banking as one of its strategic objectives, through improved internal capacity and assessment of climate and environmental risks to its regional operations. The financial regulator also signified its intent to apply as member to the Central Banks and Supervisors Network for Greening the Financial System, the aim of which is to enhance the role of the financial system to manage risks, and to mobilize capital towards sustainable development. He also counted innovative sustainable finance products that were launched by international and local banks to support health, labor, and MSMEs during the pandemic, and the rise of digital banking and payment, among the components of a toolbox to boost the Philippines’ recovery efforts.

BSP Deputy Governor Chuchi Fonacier reiterated the mandate of the BSP in maintaining price stability conducive to the economy’s sustainable growth that supports national commitments towards long-term ecological, social and economic balance. Building upon existing corporate and risk governance standards, Ms. Fonacier said the new framework subscribes to high-level sustainability principles and places accountability on the banks’ board and management in adopting effective environmental and social (E&S) risk management systems. Banks are also expected to disclose their banks’ sustainability strategic objectives and risk appetite, breakdown of E&S exposures, and existing and emerging E&S risks’ impact on the bank. She closed with the important role of banks in sending a powerful signal to the business community of their new strategic approach towards sustainability, and in inspiring their clients and stakeholders in making similar responsible business decisions.

BAP Risk Committee Chair and RCBC President and CEO Eugene Acevedo provided recommendations to optimize existing bank units and highlighted current bank practices to meet the Circular’s requirements. Further, global standards and opportunities in greening critical sectors such as energy provide means for banks to contribute in meeting the Sustainable Development Agenda and the Paris Agreement.

Climate change is both a source of financial risk and instability, and the BSP Circular reflects regional and global trends of jurisdictions developing regulatory frameworks to integrate sustainability into banks’ strategies and operations to protect against systemic environmental and social risks such as climate change, WWF Vice President Sylvain Augoyard said. He also mentioned the Basel Committee on Banking Supervision recently set up a high-level Task Force on Climate-related Financial Risks, one of whose objectives is to address climate-related financial risks through a set of supervisory practices.

Mr. Edgardo Tongson, WWF Sustainable Finance Chief of Party, emphasized the importance of WWF's framework in helping identify the areas of support needed by local banks to meet demands on sustainability.

WWF Engagement Manager Claine Avelino also pointed to WWF’s annual Sustainable Banking Assessment report, which helps local banks analyze strengths and gaps in their initiatives against international standards and the new Circular, and identifying areas of support for banks to readily comply.

Given the range of internationally accepted sustainability reporting frameworks, WWF Sustainable Finance Chief of Party Edgardo Tongson highlighted the need for alignment among standard-setters and report preparers, and the opportunity to meet increasingly sophisticated investor expectations on sustainability.

Philippine banks were also invited to join the Principles for Responsible Banking by UNEP Finance Initiative Yuki Yasui, which currently has 180 signatories collectively worth over $47T, roughly a third of global banking assets. The Principles were developed by banks, for banks, to ensure that the sector, which has become increasingly intertwined with the world’s finite natural resources, is resilient and sustainable through international cooperation. The Philippines’ own DBP is one of 30 founding member banks of the PRB.

WWF and BAP will work with stakeholders in the finance sector to integrate sustainability into banks’ strategies, products, and corporate governance and risk management frameworks. A series of webinars will be launched to support banks in meeting supervisory expectations while unlocking sustainable development opportunities for their clients and stakeholders in repairing the Philippine economy post COVID-19.

SONA 2020 Highlights and Reactions

Wazzup Pilipinas!

Hours before President Rodrigo Duterte delivers his #SONA2020, Bar 2019 topnotcher Atty. Mae Diane Azores aired her frustration on social media over the "worst" state of the nation where false promises and empty rhetoric have become the "new normal."

Is her statement true for all of us?

The 5th Sona highlights government's Covid-19 response; vows to help displaced OFWs; warns telcos to shape up; and urges Congress to revive death penalty via lethal injection, the vaccine being produced by China, the imposition of death penalty, and media giant ABS-CBN, etc.

Here is what people and media are saying:

President Duterte hits Senator Franklin Drilon in his #SONA2020 for taking advantage of the preoccupied government, saying that Drilon defended the Lopezes after the ABS-CBN was denied of its franchise renewal.

"In an interview, he arrogantly mentioned among others that oligarchs need not be rich. Then, he linked the anti-dynasty system with oligarchy and the topic was my daughter and son. This happened after the committee of franchise voted 70-11 to deny the grant of franchise to ABS-CBN. Obviously, he was defending the Lopezes that they are not oligarchs," Duterte said.

Preoccupied government? Yes, preoccupied with too much politics instead of solving the people's woes due to ravaging pandemic which seems to go forever with no good plan from this administration.

Respect others' opinion. You defended the Marcoses as well knowing he is a dictator and corrupt, so how about that?

President Rodrigo Duterte said he wants to bring back the death penalty by lethal injection, but questioned why not a lot of people in attendance applauded his statement.


Death penalty is the priority in this time of pandemic?

Ok lang basta unahin mga politiko at mga pulis na abusado sa posisyon. Huwag ang mga mahihirap at mga mahihina. Dahil wala silang kakayahang magbayad nang good lawyer na liar.

Journalist Karen Davila criticized President Rodrigo Duterte’s plan to revive the death penalty in the Philippines, which she says is a “deflection and distraction towards a post-COVID economic recovery.” 

Many that live deserve death. And some that die deserve life. Can you give it to them? Then do not be too eager to deal out death in judgement. -J.R.R. Tolkien Fellowship of The Ring

President Duterte said the government is eyeing to hire more than 20,000 healthcare professionals in 2021.

Hindi nga ninyo maswelduhan ng tama ang health workers ngayon sa susunod pa.

Tanggalin nyo muna si Duque at maghanap ng kapalit.

For my personal point of view, 20k plus is not enough to make sure that quality health care services will be given to the poorest among the poor individuals and families.. How can we deliver if our health care delivery system is one of the worst system in the world.


President Rodrigo Duterte said he will not allow face-face classes until a COVID-19 vaccine becomes available.

He clarified his earlier statement saying he approved DepEd’s proposal to resume in-person classes by January assuming a vaccine is already available by September.

Totally agreed with that. If we allow face to face classes in the midst of pandemic, not only the student, his whole family back home will be at risk of cross contamination.

Life that is lost is lost forever. Education that is delayed can be recovered.

Oh my f*****ng gosh, this is an edited version of a teaching in the Kartilya of the Katipunan written by Emilio Jacinto.

*Don’t fritter away time; lost riches maybe recovered; but time lost is lost forever.

Did they just f****ng use it?

Life is precious. It is better to be safe than sorry. We must secure the life of our children for a better future. Because someday they will lead our country.

The president said: "Certain sectors expressed concern when I declared martial law in Mindanao and its extension 3 times, but 2019 ended without my office requesting any further extension. Martial law in Mindanao ended without abuses by the civilian sector, by the police, by the military."

Duterte's statement is false, as thousands of human rights abuses were recorded during the years that Mindanao was under martial law.

According to Karapatan Alliance Philippines Inc, there were 815,734 victims of civil and political rights violations from the day martial law was declared on May 23, 2017 to May 23, 2019. Martial law in Mindanao was lifted on December 31, 2019.

The president also brought up the issue of ABS-CBN's closure during his fifth SONA by saying that he was "a casualty of the Lopezes during the 2016 elections."

If oligarchy is a big NO in the Philippines now, am wondering what will President Duterte replace it with? If he started with ABS CBN, can he assure he will do the same for other oligarchs in different industries?


Filipinos waited for the State of the Nation Address this year to hear the government's plans on fighting COVID-19. But the President spends much of his speech blasting oligarchs and drugs instead.

The SONA was supposed to discuss the circumstances in which the country is under and the roadmap to where the government wants to lead its citizen. It is not for discussing the emotional state or the corresponding implied psychological state of the head of state.

But the President starts and ends his 5th SONA against Senate Minority Leader Franklin Drilon.

Covid can’t seem to get the undivided attention from the government. It’s as if Covid’s devastations are not enough. Drilon and his so called oligarchs and his own feelings seems to be more important to him. The feelings of those affected by the virus seems unimportant to him.

Maybe the plan all along for this pandemic, is to make loans but rely on the private sector to do what they are expected to be doing? Ignore its severity by distraction??? If so, you’re on target!

Let's put it this way: If he mentions a name, it means he feels threatened.Really threatened. Next, examine what that person represents. Superior intellect? High moral compass? Spoken the truth?  Has he ever mentioned a name with vehemence and that person is proven to be linked to drugs? Remember he talks of the drug problem as the root of everything that ails the country. Where are the names? His enemies are of the political kind. When is he going to deliver to expectation?

The worst of all ...he allowed the Chinese to take in charge of our islands in the West Philippines sea without saying anything and he supports them! And look, so many dirty, corrupt and disrespectful Chinese all over the nation.

Why not discuss how the trillions are being spent? Or what plans does the government have to combat this pandemic? Or on what basis is he keeping Mocha Uson whose salary amounts to 100k plus? Explain how he is an effective and efficient president.

Our economy is on a ventilator and these are the ways for us to survive? In a longer process (but he can start it) He should  attempt to do the following in my humble opinion:

1. Reduce the bloated bureaucracy. Shut down unnecessary departments and government units that have no strategic contributions to growth.
2. Abolish 4 P's. This encourages mendicancy. A tool for political patriotism and loyalty.
3. Re allocate the "infamous intelligence funds". For whom? Tons of money - not subject to oversight and COA radar.
4. Privatize key infrastructure projects to ease our yoke by heavy borrowings.
5. Obligate departments to save 10% of budgets.

These bucket of savings should be allocated to a well thought out Payroll Protection Program for SME's. The sturdy  spine of any economy.

Art in the Time of Quarantine

Wazzup Pilipinas!

Communication students from Far Eastern University recently held an online exhibit to take on different pressing issues during the pandemic. The best creative media productions were also recognized in a virtual awards night last May and July 27.

As part of MULAT 2.0 and MULAT 2.1 exhibits (https://www.facebook.com/FEUMulat/), FEU Communication majors contributed short films, movie posters, photo and video essays, and advocacy print ads which deal with the theme “Visual Expressions of Quarantine.”

Prof. Herwin Cabasal noted that the exhibits are in line with the program’s mantra “may alam, may pakialam.” The MULAT adviser added that the works urge viewers to think critically. “It is not enough that we just merely appreciate the aesthetics, but to perceive what it is really trying to convey. Most of the time, we must see these artworks outside the frame. It is by seeing outside the frame that we become critical and responsive to the diverse issues of society.”

Since MULAT’s inception last year, FEU DepComm program chair Prof. Anansa Dijan has backed the exhibit. “Now more than ever, we find it very important that our students are aware of what’s happening around them. MULAT is one way where our students can showcase their creativity and more importantly how they see the value of their voices in the society,” she said.

In the July 27 awarding ceremonies, sophomore student Sophie Casasola bagged the Best Cineminuto Short Film, Best Director, Best Cinematography, Best Screenplay, Audience Choice and Best Application of Theories in Cinema for her work “Ang Sigaw sa Hardin ng Digma.”

Jillian Marie V. Bolayog took second prize and Best Editing for “Salingin,” while Ericka Insigne and Paula Navarro placed third for “Papel.” Best Production Design was awarded to “Aking Liyag” by Gene Sayson and Silas Hope Obien, and Best Acting went to “Ikaw ay Ikaw” by Carl Saliente and Carl Digno.

The Best Video Essay and Best Application of Theories in Cinema went to “Marxismo at Aktibismo sa Pelikulang Pilipino” while “Structuralism in Philippine Cinema” was hailed second.

Last May, Nickey Zacate’s “Blue Zone” topped the Cineminuto category. Marc Andrew Baldo’s “Kapalaran” got second place and Best Editing, while Neil Juliano’s “Ayuda-Me” won third, Best Screenplay and Audience Choice awards.

Imran John Aquino was adjudged Best Director for “Hirap sa Harap, Harap sa Hirap.” Nina Gonzalez’s “Makabagong Darna” won Best Acting and Best Application of Art Movement, sharing the award with Prince Rodriguez’s “Ika-4 na Estado” and Karl Magboo’s “Contrast.”

Meanwhile, in the Movie Poster category, Rosie Cerdiña’s “Tikom” topped the field, with Matthew Zach Quinto’s “Panik” placing second and Keziah Natividad’s “Quarantingz” at third. Drink Rivera’s “Tatay, Gusto Kong Tinapay” won the Audience Choice prize.

In the Photo Essay category, Mark Bryan Seño got first place for “2020 Calendar,” with Joanna Marie De Guzman bagging second for “No Safe Spaces” and Trixie Catindig taking the Audience Choice award for “No Escape From Reality.”

Sofia San Diego’s “Ang Bala ay Hindi Gamot” won the top and Audience Choice prizes in the Advocacy Print Ad category. “Lunas, Hindi Dahas” by Jay Cenzon and “Bigas, Hindi Dahas” by Lovely Baylosis placed second and third, respectively.

Selected participants from MULAT also guested in online talks “Kwentuhang May Alam, May Pakialam Episode 1: Quarantine Stories,” which was organized by FEU DepComm, and “KwaranSINE: Mga Kwento sa Gitna ng Pandemya,” which it co-hosted with the Philippine Alliance of Human Rights Advocates and In Defense of Human Rights and Dignity Movement.

PAHRA Secretary General Rose Trajano moderated an online talkback with Cabasal and six student filmmakers after the screening of “Bantay” by Regina Atenas, “Ingay” by Melvin Rosetes, “555” by Edel Hembrador, “Ayuda-Me,” “Blue Zone,” and “Makabagong Darna.”

Cabasal believes that through the online visual arts page’s engagements, it has already attained its objective, “which is to serve as a platform for discourse and discussion about what matters in our society.” For him and MULAT artists, what Aldous Huxley wrote in “The Art of Seeing,” “the more you know, the more you see,” sums up their visual communication experience.