Philippines' best bank for CSR 2020: Philippine National Bank
Philippine National Bank
The competition for best CSR bank was fierce this year, given the obvious social impact of the coronavirus. Each of the banks in the Philippines has made a concerted effort to support its staff and community as the pandemic rages on, and all of them should be lauded for their work.
Philippine National Bank (PNB) has responded to the pandemic with special attention given to its outsourced staff that rely on daily wages, making sure they are not hurt by their inability to work. But PNB, under president and chief executive officer Wick Veloso, has done more than just respond to the pandemic to prove its commitment to CSR.
In 2019, the bank formally established a corporate sustainability unit to centralize its projects. The unit is developing and implementing the bank’s sustainability initiatives, which included the creation of a sustainability policy.
PNB was proactive about its sustainable work last year, launching projects to make sustainability part of the bank and its employees’ day-to-day work. It is also developing a sustainable finance framework, meaning it could soon sell a green bond.
Outside its environmental work, PNB’s initiatives include financial literacy sessions for the community, as well as support for families that have been hit by natural disasters.
The Philippines frequently experiences natural disasters, and any bank that is active in the community must be prepared to step up when support is needed. The most notable disaster in the last year was the Taal Volcano eruption in January. PNB helped with the relief operations in the affected communities and assisted displaced families with home-starter kits.
PNB has also dedicated itself to employment diversity. Last year, the bank joined the Philippine Business Coalition for Women Empowerment and agreed to go through an assessment to address gaps and challenges to gender equality. In March 2020, it received its first-level certification for gender equality.