Investment divestment by Catholics is lagging behind its 2025 goal and needs a significant increase in efforts to catch up.
Revised Article:
The Catholic dioceses and other groups in the Philippines have found themselves lagging in their divestment efforts from fossil fuels and mining over the past decade, as per a fresh report released by Living Laudato Si' Philippines (LLS) and Caritas Philippines on June 4, 2025.
This report shows that from 2015 to 2024, only a meager P167.5 million worth of stocks have been shed by Catholic shareholders from 16 corporations, known for their fossil fuel and/or mining operations, if valued as of December 2024. This is surprising, given the commitment of the Catholic Bishops' Conference of the Philippines (CBCP) to withdraw their finances from banks supporting fossil fuels by the end of 2025, as stated in a 2022 Pastoral Letter.
The report lays bare some alarming facts:
- Nine archdioceses and 20 dioceses were uncovered as stockholders in at least one of these corporations, while over 140 congregations, missionaries, schools, universities, research institutions, seminaries, and other groups were also listed as shareholders.
- The total stocks of the Roman Catholic Archdiocese of Manila in six corporations, including Bank of the Philippine Islands, San Miguel Corporation (SMC), PXP Energy Corporation, First Philippine Holdings Corporation, Concrete Aggregates Corporation, and Oriental Petroleum and Minerals Corporation, remain unaltered for the past decade. The combined value of these stocks amounts to a staggering P43.6 billion, as of December 2024.
The report also points out that ten Catholic groups partially or fully divested from SMC during the decade, while four organizations increased their shares. This shift resulted in a 16% decrease in stocks and a 25% increase in total value for all Church stockholders; 61% of the total Catholic equities under SMC are currently held by 13 groups.
John Leo Algo, deputy executive director for Programs and Campaigns of LLS, offers a solution to meet the CBCP's divestment pledge. "The CBCP needs to decide on how to equip the dioceses and other groups to navigate the entire divest-invest process," Algo states. "This involves educating bishops about their financial positions, improving their understanding of sustainable financing, and encouraging dioceses to embrace the concept of just transition."
Bp. Gerardo Alminaza, vice president of Caritas Philippines, echoes the importance of synodality in addressing divestment challenges. He emphasizes the need to align actions with Laudato Si' and previous pledges, noting that 2025 marks both a Jubilee year for the Catholic Church and the 10th anniversary since the publication of Pope Francis's encyclical "Laudato Si': On Care for Our Common Home."
To accelerate the process, Aryanne De Ocampo, Campaigns Program Head of the Center for Energy, Ecology, and Development (CEED), proposes encouraging Philippine Catholic shareholders to exert influence over their respective boards and sustainability bureaus for more ethical financing policies and practices. Ocampo highlights the impact that church leaders have had in driving change within companies and financial institutions that support environmentally destructive industries.
Rodne Galicha, executive director of LLS, welcomes this potential shift and emphasizes the role of the CBCP in fostering stronger ecological efforts in the Philippines. "The Church continues to serve as a compassionate mediator, bridging understanding and fostering dialogue," Galicha says. "Transformation must start from within because, as followers of the teachings of the Gospel, we are called to action and responsible stewardship."
- The Roman Catholic Archdiocese of Manila, located in the Philippines, holds stocks worth a staggering P43.6 billion in six corporations known for their involvement in fossil fuels or mining, as of December 2024, according to a recent report.
- Numerous Catholic groups in the Philippines, including archdioceses, dioceses, congregations, missionaries, schools, universities, research institutions, seminaries, and other organizations, have been identified as shareholders in fossil fuel and mining corporations.
- The Catholic Bishops' Conference of the Philippines (CBCP) has pledged to withdraw their finances from banks supporting fossil fuels by the end of 2025, as stated in a 2022 Pastoral Letter. However, as per a recent report, only a minimal amount of stocks have been divested from these corporations.
- To meet the CBCP's divestment pledge, it is proposed that the CBCP equips dioceses and other Catholic groups with knowledge about sustainable financing, encourages dioceses to embrace the concept of just transition, and encourages Philippine Catholic shareholders to influence their boards and sustainability bureaus for more ethical financing policies and practices in the realm of finance and business.
