Security Bank joins IFC’s green banks

First In Philippines

MANILA, Philippines — Security Bank has become the first Philippine bank to join the Alliance for Green Commercial Banks, a global initiative led by the World Bank’s International Finance Corp. (IFC), marking a significant step in its push to accelerate sustainable finance in the country.

The alliance aims to promote green commercial banking in emerging markets by fostering peer-to-peer learning, innovation and collaboration.

It is a by-invitation network that connects banks from developing economies with global financial institutions and thought leaders to help shift capital towards climate-friendly investments.

“Security Bank is proud to be the first Philippine bank to join the Alliance for Green Commercial Banks,” Security Bank executive vice president and chief financial officer Eduardo Olbes said.

“This membership aligns with our vision to be best-in-class in sustainable banking in the Philippines. Through the Alliance, we gain access to a global network of expertise that will help us lead change and contribute meaningfully to the sustainable development goals,” he said.

The alliance’s first regional chapter was established in Asia with the Hong Kong Monetary Authority as anchor. Other cornerstone members include Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC and Standard Chartered.

Earlier in March, Security Bank took part in the alliance’s inaugural flagship event, the Excellence in Green Commercial Banking Immersion Lab, held in Hong Kong. The gathering convened banks from the Philippines, Thailand and Vietnam to promote cross-border collaboration in sustainable finance initiatives across Southeast Asia.

“Security Bank’s membership in the alliance signals a powerful commitment from the Philippine banking sector to drive sustainable finance forward,” Carlos Serrano, head of secretariat of the alliance, said.

“The Philippines has immense potential for sustainable innovation. Security Bank’s leadership sends a strong signal that Philippine banks are ready to play a central role in shaping a greener, more resilient financial future – not only at home, but across the region,” Serrano said.

Security Bank said its participation in the alliance reinforces its broader commitment to sustainability and climate action, with the bank vowing to support the transition to a low-carbon economy through responsible lending and investment practices.

The move also underscores the increasing role of the financial sector in addressing climate risks and unlocking green opportunities, particularly in developing markets like the Philippines that are highly vulnerable to climate change impacts.