Philippine banks are still in effect funding the development of coal and other fossil fuels even as no new loans were made since the start of the year, a watchdog group reported. In a report, Withdraw from Coal (WFC) said Philippine banks that have announced their position to deviate from coal financing are still engaging through by underwriting or selling bonds.

According to WFC, BDO, China Bank, Metrobank, Security Bank, RCBC, and Unionbank participated in the bond issuance of AboitizPower.

There is also an upsurge of domestic banks, investing in fossil gas, which is being pushed as a cleaner alternative to coal in the Philippines. At present, there are 27 power plant projects and nine liquefied natural gas (LNG) terminal projects in the pipeline. In addition, China Bank and the Development Bank of the Philippines are also financing the Field Power Corporation, which is expected o have a “grave” socio-economic and environmental impact in Batangas.

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