PH Catholic Church falls behind goal to divest in fossil fuel, mining operations — study
The Catholic shareholders' report, which was launched on Wednesday entitled "A Decade of Divestment for Our Common Home' identified Catholic stockholders of 16 corporations that have been identified to finance fossil fuel and mining operations.
The report was published Living Laudato Si Philippines, an NGO that started as an interfaith movement initiated by Catholic lay people calling on Philippine financial institutions to divest from coal-related operations and other environmentally harmful activities, and Caritas Philippines.
From 2015 to 2024, the study showed that only P167.5 million worth of stocks have been divested by Catholic shareholders from the said corporations.
It can be recalled that the Catholic Bishops' Conference of the Philippines (CBCP) issued a Pastoral Letter in 2022 that detailed the committment to withdraw support for non-renewable energy resources such as fossil fuel by the end of 2025.
'Without clear commitments and policies from these banks to divest from fossil fuels, we (CBCP) commit to withdraw all our resources that are with them not later than 2025, and hold them accountable to their fiduciary duties and moral obligations as climate actors,' the 2022 Pastoral Letter read.
GMA News Online has reached out to CBCP for comment.
The report also identified nine archdioceses and 20 dioceses as stockholders of at least one of the 16 corporations and more than 140 congregations, missionaries, schools, universities, research institutions, seminaries, and other groups were also identified as stockholders.
Meanwhile, the stocks of the Archdiocese of Manila in six corporations, which are valued at P43.6 billion as of December 2024, did not decline in the past decade.
GMA News Online has reached out to the Archdiocese of Manila for comments.
The report noted that 10 Catholic groups divested in a Philippine conglomerate company within the past decade, while four organizations increased their shares.
This resulted in a 16% decrease in stocks and a 25% growth in total value for all Church shareholders. And at least 13 Catholic Church groups own 61% shares of the conglomerate company.
"For the CBCP to meet its divestment pledge, it must decide on how to enable the dioceses and other groups to navigate the entire divest-invest process,' said John Leo Algo, Living Laudato Si deputy executive director for Programs and Campaigns.
'This involves letting bishops know exactly where their finances and assets are, improving their literacy on sustainable financing, and giving them the understanding that divest-invest is ultimately a process of just transition," Algo added.
Synodality
San Carlos Bishop Gerardo Alminazan, head of the CBCP National Laudato Si Program, noted the importance of synodality, or journeying together, in dealing with the divestment challenges.
"We must walk the talk, aligned with the Laudato Si' and our previous pledges. We are currently taking steps to strengthen our programs, such as on green auditing, capacity-building for financial officers in dioceses, and forming partnerships to accelerate our divestment towards more sustainable reinvestment," said Alminazan, who is also the Vice President of Caritas Philippines.
Published in 2015, Pope Francis' "Laudato Si: On Care for Our Common Home' tackles climate change and humans' role in caring for the earth.
To address the divestment challenges, the report recommended the following to the CBCP and other institutions:
Produce a report presenting a list of viable options for sustainable investments
Conduct a comprehensive financial mapping and auditing of all Philippine dioceses for a more accurate assessment of the CBCP's progress in divestment
Continue the rollout of the divest-invest executive course, with a stronger emphasis on improving ecological understanding, financial literacy, and ethical decision-making
Create new partnerships in sustainable financing, and foreign faith-based organizations with progress in the divest-invest process
Persuade current Catholic stockholders to influence corporate leadership to transition away from ecologically-harmful industries and activities
Enhance the multisectoral implementation of strategies and programs relevant to divest-invest under the National Laudato Si' Program
"The Church continues to reach out through a new dialogue as a compassionate bridge of respectful understanding. Transformation must start from within because it is in witnessing that we take action as we are all called to live by the teachings of the Gospel and the guidance of those who lead us,' said Rodne Galicha, Laudato Si Executive Director. — BAP, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
19 hours ago
- GMA Network
Marcos vows PH will never back out after latest WPS water cannon incident
President Ferdinand ''Bongbong'' Marcos Jr. on Monday said Philippine assets would never back out, after a Chinese vessel fired a water cannon at a Philippine vessel in the West Philippine Sea (WPS). Marcos was referring to the Philippine Coast Guard's (PCG) vessel BRP Suluan which was on a mission to aid Filipino fishermen in Bajo de Masinloc when the incident occurred on Monday morning. ''We have never instructed any of our vessels to back out,'' Marcos said at a press briefing. ''Never, never. But we have to always – we do not back out because natakot tayo, umatras tayo. Alam mo, I don't know about other places, pero dito sa – dito sa gobyernong ito, hindi tayo umaatras sa laban (We do not back out just because we are scared. In this government, we will not back out.),'' he added. ''We don't – we don't… We are brave. Filipinos are brave,'' the President said. Marcos said the country's uniformed personnel have been doing their duty and mission of defending the Philippines, noting that ''we will not stop doing it.'' Earlier, Philippine vessels and fishermen encountered hazardous maneuvers and blocking actions from other vessels in the vicinity, according to PCG spokesperson for WPS Commodore Jay Tarriela. 'In particular, the MRRV 4406 (BRP Suluan) was targeted with a water cannon, but the seamanship skills by PCG crew members allowed the vessel to successfully evade from getting hit,' Tarriela said. He said the PCG has deployed the BRP Teresa Magbanua and BRP Suluan, along with MV Pamamalakaya, to carry out the 'Kadiwa Para sa Bagong Bayaning Mangingisda (KBBM)' initiative. According to Marcos, there is an increased tension in the region due to his remarks last week, wherein he was accused by China of playing with fire. To recall, China lodged "serious protests" against the Philippines after Marcos stated the country may be drawn into a conflict between the United States and China over Taiwan. In defense, Marcos said he was perplexed with China's accusation, adding that he was only stating facts. 'Playing with fire? I was just stating facts," he said. Marcos vowed that his administration would continue to exercise the country's sovereignty in the region. ''We will continue to be present. We will continue to defend our territory. We will continue to exercise our sovereign rights. And despite any opposition from anyone, we will continue to do that as we have done in the past three years,'' Marcos said. GMA News Online asked the Chinese Embassy for comment but it has yet to issue a statement as of posting time. —KG, GMA Integrated News
GMA Network
20 hours ago
- GMA Network
Marcos to China: Playing with fire? I just stated facts
''Playing with fire? I was just stating facts.'' This was the response of President Ferdinand ''Bongbong'' Marcos Jr. to China after the latter had lodged "serious protests" against the Philippines over Marcos' statement that the country could be drawn into a conflict between the United States and China over Taiwan. During a press conference on Monday, Marcos admitted that he was a little bit perplexed that his remarks were characterized as 'playing with fire.' ''I don't know what they are talking about. Playing with fire? I was just stating facts. There… We do not want to go to war. But I think if there is a war over Taiwan, we will be indrawn, hihilaan tayo sa ayaw at gusto natin (We will be dragged whether we like it or not). Kicking and screaming,'' Marcos said. ''We will be drawn and dragged into that mess. Whatever you do…Come on, let's be – huwag na tayong mag… Hope. I love this saying, hope is not a plan. I hope it doesn't happen. I hope it doesn't,'' he added. Marcos, in a media interview during his state visit to India, said "there is no way that the Philippines can stay out of it" if an all-out war erupts in the Taiwan Strait due to its geographic location. The Philippine leader also acknowledged the presence of around 200,000 Filipino workers on the self-ruling democratic island China claims as part of its territory. Beijing, for its part, pointed out that "near geographic location' and 'a large amount of Filipinos in Taiwan' should "not be used as pretexts to interfere in the internal and sovereign affairs of other countries." Manila does not have official diplomatic ties with Taiwan, a democratic self-ruling island which has been separated from the Chinese mainland since 1949. The Philippines, however, maintains a de-facto embassy in Taiwan, called the Manila Economic and Cultural Office or MECO. In case a war arises, Marcos said the Philippine government should plan for it already. ''And that's what I was talking about. How do we get our people out? How do we protect the – kung magkagulo – giyera na nga dito, eh malapit na sa atin. Anong gagawin natin? Okay lang, normal lang 'yan, pababayaan na lang natin kung sino pasok-labas dito sa atin.' Hindi naman puwede 'yun,'' he said. (If a conflict arises, in case there will be a war, it's near to us. What will we do? ''It's fine, it's normal, we just let whoever goes in an out of our country.'' That's not possible.) ''So, we'll have to do something. So, inevitably, despite our fervent wish to avoid any confrontation with anybody anywhere, war over Taiwan will drag the Philippines kicking and screaming into the conflict. That is what I was trying to say. That's why I don't understand,'' Marcos added. — RSJ, GMA Integrated News
GMA Network
3 days ago
- GMA Network
Marcos: No shift in PH stance on asserting sovereignty in WPS
There is no shift in the Philippines' stance as regards asserting the country's sovereignty in the West Philippine Sea, President Ferdinand ''Bongbong'' Marcos Jr. said Friday. In an interview with GMA Integrated News, Marcos was asked if there was a shift in the administration's tone as he mentioned during his last State of the Nation Address (SONA 2025) that ''The Philippines is a friend to all. The Philippines is an enemy to none.' Previously, Marcos emphasized that the government would never give up a single inch of its territory to foreign aggressors. ''There is no shift in tone. My first interview na tinanong ako anong foreign policy natin lalo na sa China, and that was my answer. Hindi naman nagbabago because continuing to defend strongly our territory is not mutually exclusive from being a friend to all and an enemy of none,'' Marcos said. (There is no shift in tone. During my first interview that I was asked about our foreign policy, especially as regards to China, that was my answer. It did not change because continuing to defend strongly our territory is not mutually exclusive from being a friend to all and an enemy of none.) ''Wala naman talaga tayong kinakalaban eh. Lahat naman kinakaibigan natin pero ipagtatanggol natin ang soberanya ng Pilipinas, ipagtatanggol natin ang teritoryo ng Pilipinas. You can do both, you don't have to choose one or the other,'' he added. (We are not fighting with anyone. We treat everyone as our friend but we will assert the Philippines' sovereignty. We will fight for our territory. You can do both, you don't have to choose one or the other.) In his SONA, Marcos said defending the Philippines' rights would be heightened. However, the Philippine government would remain ''patient'' in protecting the country's rights. Executive Secretary Lucas Bersamin already clarified that the government's stance on issues in the West Philippine Sea remains constant as Marcos will still not welcome China's aggression in the region. Meanwhile, Marcos said the Philippines would try to take more concrete steps in pushing for the conclusion of the Code of Conduct on the South China Sea as Manila will host the ASEAN Summit and Related Summits next year. Hostilities in the region will be avoided once the Code of Conduct is adopted, Marcos said. ''So that's why it is very, very important. And it's very important to the Philippines because ang pinakamainit na lugar sa West Philippine Sea ay dito sa banda sa atin. Kaya mahalaga sa atin na magkaroon tayo ng Code of Conduct,'' Marcos said. (It's very important to the Philippines because the hottest topic is near us so it's important to have a Code of Conduct.) Keeping lines of communication open Asked about the continued atrocities of China in the region despite diplomatic protests lodged by the Philippine government, Marcos said ''we can only control what we do.'' ''We cannot control what other countries do. But we keep our lines of communication. Once the lines of communication are closed, then there's no room for improvement. That's why we keep the lines of communication open,'' Marcos said. ''We have to keep on trying. We have to keep those lines of communication open,'' he added. Tensions continue as Beijing claims almost all of the South China Sea, a conduit for more than $3 trillion of annual shipborne commerce, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia, and Brunei. In 2016, the Permanent Court of Arbitration in the Hague ruled in favor of the Philippines over China's claims in the South China Sea, saying that it had "no legal basis." However, China has refused to recognize the ruling. — RSJ, GMA Integrated News
