Three of the country’s financial institutions were recognized for their significant contributions to the field of sustainable banking and finance in this year’s Karlsruhe Sustainable Finance Awards and Certification Ceremony held in Karlsruhe, Germany.
The Department of Foreign Affairs (DFA) said on Monday that the Development Bank of the Philippines (DBP) was presented the award for “Outstanding Sustainable Project Financing for its success in financing Solar-Powered Resilient Communities.”
The Land Bank of the Philippines (LBP) was conferred a Certificate of Merit for “Best Innovation in Financial Services for its success in Enhanced Environmental and Social Safeguards.”
Meanwhile, the Alalay sa Kaunlaran Inc. Philippines was granted a “Sustainability Certification” by the International Council of Sustainability Standards and Certification, becoming the first Microfinance Institution to receive such a certification.
“The accolades received by the Philippine financial institutions elevate the country’s status as an example for sustainable financing and recognizes the strides it has achieved to attain the Sustainable Development Goals,” Consul General Evelyn Austria-Garcia of the Philippine Consulate General in Frankfurt said.
Deputy Consul General Emil Fernandez of the Philippine Consulate General in Frankfurt received the awards on behalf of the Philippine entities.
Among the dignitaries in attendance was the Lord Mayor of Karlsruhe, Dr. Frank Mentrup, who extended his congratulations to the awardees.
Also present in the ceremony were the Berlin-based ambassadors of Indonesia, Malaysia, Sri Lanka, Namibia, Nigeria, Uganda, and Zimbabwe, who accepted recognitions on behalf of financial institutions in their respective countries.
The awards aim to provide recognition to financial institutions that have successfully embedded economic, social, and environmental sustainability into their organizational culture, and honor organizations that have made outstanding contributions in the field of sustainable finance, among other objectives, the DFA said.