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When it comes to the issue of financing, most people immediately think of decisions and policies that would result in either a booming economy or high net income for corporations or individuals.Yet, the concept of sustainable finance is not solely determined by higher or lower numbers, especially within the Catholic context.
“We are not in the business of lending. We are on the mission of finding solutions to poverty,” said Fr. Rex Arjona, President of Simbag and a member of the diocese’s finance council.The Diocese of Legazpi has long established hard lines against investments in ecologically harmful industries such as coal and mining.
Another guiding document is Caritas in Veritate, the encyclical of Pope Benedict XVI that reflects on economic and social issues. For the latter, its niche is aiding small enterprises to ensure business continuity in the aftermath of typhoons by offering calamity loans with discounted interest rates or moratoriums where customers do not have to pay immediately.
However, they made another form of investment that ultimately helped their sustainability: forming partnerships. “We also face certain skepticism on how lending and spirituality should be mixed,” he said. “Part of our commitment is to maintain the lowest interest rates among fellow industries.” Simbag also currently sits as a board member of the Microfinance Council of the Philippines, where it is a leader in advocating for stronger policies on green financing and adopting the ESG framework, often outpacing for-profit groups within the body.
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