Driving Sustainable Financing: Highlights from ICD’s Board Education Series

By: Aubrey Camille J. Perez

Research and Content Coordinator, Research and Development

Institute of Corporate Directors

The Institute of Corporate Directors (ICD) held the Board Education Series: The Sustainable Financing Alternative on August 28, 2025, at Ayala Triangle Garden Tower 2 in Makati City. The event, organized by the ICD Sustainability Committee and BPI, brought together governance experts, sustainability practitioners, and corporate leaders to talk about how boards can integrate sustainable financing into their strategies and day-to-day decisions.

In his opening remarks, Mr. Dennis Montecillo, FICD, Chairperson of the ICD Sustainability Committee, shared his own journey in governance and sustainability. He shared that his work in ESG started long before sustainable finance became a common topic. Participants were encouraged to see not only the challenges, such as political setbacks, but also the opportunities, including stronger ESG frameworks in Asia and the Philippines’ growing green financing initiatives. The remarks concluded with the reminder that sustainable finance is gradually becoming a standard part of how companies make business and investment decisions. 

Macroeconomic Environment and Investor Sentiment Towards Sustainability

The first session featured Ms. Pushkala Ratan from the International Finance Corporation and Mr. Jonas Marie Dumdum, AICD, Vice Chairperson of the ICD Sustainability Committee, with Mr. Montecillo moderating. Ms. Ratan observed that board experience with sustainability varies from country to country. Some boards are still learning the terms and concepts. She emphasized that boards are key in guiding organizations toward sustainable financing and reminded participants that staying committed is essential, even when upfront costs or short-term challenges come up, to avoid larger setbacks.

Adding a local perspective, Mr. Dumdum traced the Philippines’ corporate sustainability journey back to the 1970s. He explained that corporate focus has shifted from just compliance to innovation and long-term business viability. While challenges remain in capacity, knowledge, and reporting, he said that incorporating sustainability into everyday operations can turn ideas into real action, creating value for companies, communities, and society.

Lessons Learned from the Sustainable Finance Journey

Ms. Jo Ann B. Eala, Head of BPI’s Sustainability Office, moderated the second session where industry leaders shared practical examples. Ms. Sheryll Verano of Arthaland described how the company developed the Philippines’ first green finance framework for certified sustainable projects. She noted that Arthaland is the only developer with fully certified residential and commercial portfolios, crediting strong board direction and a culture of accountability for the achievement.

Mr. Jose Arturo Yan of Glacier Megafridge talked about their energy-efficient cold storage investments. He shared that early transitions can be costly, but they result in long-term savings and stronger competitiveness. Innovations like CO₂-based cold storage, solarization projects, and international recognition for energy efficiency were also highlighted. Both speakers emphasized that continuous innovation, capacity building, and structured financing are essential for lasting progress.

Board Approval of a Sustainable Financing Proposal

The program also featured a board simulation on the approval of a sustainable financing proposal, with Mr. Montecillo as chairman together with ICD Sustainability Committee members Mr. Benjamin Rex Emilio Azada, AICD for sustainability, Mr. Dennis Choa, FICD for finance, Mr. Michael Arthur Sagcal, FICD for risk, and Mr. Roberto Bascon Jr., AICD for governance, alongside Ms. Marie Antoinette Cortez of BPI as the banker presenting the proposal. This demonstrated how boards evaluate decisions by weighing finance, risk, regulatory, governance, and sustainability factors.

Conclusion

The event showed that sustainable financing is becoming a key part of corporate strategy, with boards leading the way. Through shared experiences, examples, and interactive discussions, participants saw how sustainable financing goes beyond compliance. It can drive innovation, boost competitiveness, and create long-term value for organizations, communities, and society.