Philippine banks funneled ₱60 billion into coal despite gov’t moratorium

Philippine banks funneled ₱60 billion into coal despite gov’t moratorium

Domestic lenders funneled record amounts of capital into coal-fired power infrastructure last year, exploiting a key policy loophole despite the state-mandated ban on new coal developments, according to a report by an energy think tank.Fourteen domestic commercial banks actively financed fossil fuel projects, pushing total coal funding to its highest level since 2019, the Center for Energy, Ecology, and Development (CREED) stated in its annual s…