Philippines central bank examines impact of temperature shocks

BSP is also working with World Bank to stress test local banks’ exposures to transition risk

Central Bank of the Philippines
The Central Bank of the Philippines
Patrick Roque (

The Central Bank of the Philippines is carrying out what it calls the first empirical study of climate change’s impact on the country’s economy.

The BSP began the study under the leadership of its former governor Benjamin Diokno, who now serves as the country’s finance minister. Eli Remolona became the BSP’s governor on July 3.

The study is part of the BSP’s efforts to address climate risks, outlined in its first sustainability report released on July 2. It will examine how climate shocks

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