The partnership aims to help strengthen financial stability, sustainability, and resilience, according to a BSP news release dated February 12.

Under the MOA, the BSP will gain access to PhilSA’s satellite imagery and related datasets to help identify areas vulnerable to climate-related hazards and assess their potential impact on communities and economic activity. These insights can support monetary policy, financial supervision, and sustainability initiatives.

According to BSP Assistant Governor Pia Bernadette R. Tayag, “The MOA reflects how we view resilience-building in the financial system. It requires good governance, strong coordination, and better data — supported by technology that helps institutions act earlier and smarter. This innovation improves preparedness across the economy and the financial sector

Meanwhile, PhilSA Director General Dr. Gay Jane P. Perez underscored that “space science and banking may appear to operate in different domains, yet both are ultimately concerned with stability.” She said the MOA highlights BSP’s and PhilSA’s shared commitment to managing climate risks.

Beyond data sharing, BSP and PhilSA will also collaborate on developing tools, conducting research, and strengthening capacity to promote the responsible use of satellite data and geospatial analytics in support of their respective mandates.

Geospatial analytics refers to the use of location-based data to better understand conditions on the ground and support more informed decision-making.

The adoption of ESG (environmental, social, and corporate governance) in the Philippines is possibly in its infantile stage, but it is elating to note that this is taking traction in many companies in the country.

While there are some companies that are still in quandary as to whether to make this kind of investment opportunity, one of the challenges remains in the implementation. But for other companies, the cost-effectiveness and benefits analysis becomes another cause of concern.

The need for a deeper and better understanding of ESG will compel other companies to embrace the sustainable operations of their business. It is interesting to note that the notion of “ESG” is limited to issues pertaining to climate change and saving natural resources. But truly, ESG is a way of life that every business entity should adopt across its business operations. From thinking before printing, minimizing waste in food, office supplies, and energy consumption, among others.

Mindful of the challenges in dealing with ESG, the Nordic Chamber of the Philippines, together with partners in the business community, embassy partners and government agency partners launch the first-ever Nordic – Philippines Sustainability book.

Launched last November 3, at the Nordic Ambassadors’ Forum: Sustainability Initiatives, the book aims not just to create awareness about the importance of sustainability, but also to find out how the Nordic Chamber of Commerce of the Philippines’ sustainability partners walk their talk as they shared their own journey in embarking ESG efforts.

Speaking to THEPHILBIZNEWS, Nordic Chamber of Commerce of the Philippines Executive Director Jesper Svenningsen said, “I know it has been challenging for many companies in embracing the importance of integrating ESG in their own business. This book hopes to help them understand better and even benchmark from other companies who were generous enough to share their journey in their sustainability goals. We are very grateful to them and NordCham Philippines partners, just like you as our media partner, believe that ESG in the Philippines will succeed through partnership.”

“This is the first-ever sustainability book launched in the Philippines. We take pride that all our partner advocates were willing to share what and how they implemented in their own company, apart from how they dealt with the challenges in selling the ideas to the stakeholders before embarking. With this book now available, the rest is history on their journey in implementing and continuing our commitment to a sustainable future. We all dream that sustainability initiatives will become the Nordic and Philippine Way ” Svenningsen said.

Book has limited copies, for those who would like to get a copy, please contact Nordic Chamber of Commerce of the Philippines Facebook Page.