Three years ago, the Catholic Bishops’ Conference of the Philippines (CBCP) committed to withdrawing their finances from banks supporting fossil fuels by 2025. The importance of this pledge was amplified by the fact that last year also doubled as the 10th anniversary of Laudato Si’ and a Jubilee Year for the global Catholic Church.
However, in what was supposed to be the most monumental year for climate action in history, the Philippine Catholic leadership fell far short of their promise.
What happened?
A review of the top 100 stockholders in corporations known to be involved in fossil fuels and mining as of December 2025 shows that there was barely any significant divestment by dioceses, congregations, and other Catholic groups in the Philippines.
For example, there was no movement among the top Catholic stockholders of the Bank of the Philippine Islands (BPI). The Archdiocese of Manila (RCAM) still has the same number of stocks as it did in previous years, valued at around PHP 41.5 billion as of the end of last year, owning 6.76% of the bank.
The other Catholic groups involved among BPI’s top 100 are Carmel of the Divine Infant Jesus of Prague, Inc.; Corporacion de Padres Dominicos; the Mill Hill Missionaries; and the Archdioceses of Jaro and Zamboanga.
The only diocese to make a significant divestment effort last year was the Archdiocese of Tuguegarao, which was no longer listed as one of the top stockholders for Ayala Corporation and Lepanto Mining. These continue the diocese’s recent withdrawals, having fully divested from San Miguel Corporation (SMC) to close out 2023.
The only other notable divestment among Catholic entities last year was by Carmel of Our Lady, Mary Mediatrix of All Grace, Inc., with current stocks in SMC being 27% lower compared to the previous year. The remaining shares are valued at PHP 18.1 million.
Why?
The lackluster developments were observed despite the efforts of faith-based and civil society groups throughout 2025. Among these was the publication of a landmark report tracking a decade of divestment by Philippine Catholic groups, produced by the faith groups Living Laudato Si’ Philippines and Caritas Philippines.
The presentation of the report’s findings to the CBCP was met with surprise from many bishops, who were unaware of their dioceses’ involvement with fossil fuel– and mining-relevant corporations. This shows the disconnect between Catholic social teachings and the direction being undertaken by their respective diocesan finance personnel.
This is exemplified by RCAM, the most powerful group within the Philippine Catholic community and a prominent shareholder in several of these corporations. Data from the top 100 stockholders list directly contradict claims made two years ago by Manila Archbishop Cardinal Jose Advincula about divestment from coal and other destructive businesses.
When presented with the landmark report during several engagements last year, RCAM finance personnel claimed to us that the findings were false, despite clear evidence indicating otherwise. While the numbers do not always capture the full context of a situation, in this case they certainly do not lie.
The main reason for the lack of significant Catholic divestment in the Philippines remains the high profitability of owning shares in these corporations, despite their operations running counter to the Church’s mandate and values.
For example, many Philippine mining corporations saw a significant increase in stock prices throughout 2025 compared to previous years. This was driven by a global rally in precious metals amid geopolitical tensions, market uncertainties, and increasing demand for minerals. The Philippine government’s outspoken support for the growth of the mining industry likely also influenced market values.
As a result, while recent divestment was observed from the Diocese of Tuguegarao and the Religious of the Virgin Mary, Catholic groups that remained invested in mining companies, such as the Archdiocese of Zamboanga in Philex Mining and the Diocese of Surigao in Atlas Mining, saw a significant increase in the total value of their stocks last year.
What’s next?
Another major reason for the lack of divestment is the absence of viable alternatives for investing in more ecologically sustainable ventures. Nonetheless, the domestic market is beginning to shift in this direction, with major corporations such as Ayala Corporation looking to actively exit fossil fuels, and First Gen recently selling 60% of its gas portfolio.
The importance of ethical finance has been elevated in the Philippines in recent years, largely driven by the exposure of corruption in flood control projects and likely in other infrastructure endeavors. Even within the Catholic community, the non-acceptance policy was strengthened by the CBCP last year, applying it to donations from corporations involved in ecologically destructive activities.
Yet the CBCP at large remains behind in capacity, resources, and technical know-how to live up to its own divestment pledge. While reforms such as the strengthened non-acceptance policy and the push for a separate CBCP Commission on Integral Ecology are underway, more needs to be done to enable the country’s Catholic leadership to truly practice what they preach.
The example set by the Archdiocese of Tuguegarao provides undeniable proof that Philippine Catholic organizations do not need to remain invested in corporations involved in fossil fuel or mining operations to generate sufficient funds to sustain their work.
After all, if religious leaders who claim moral leadership in a largely Catholic country continue to fall short in action as much as in words, injustices in a long-suffering nation will also continue to be perpetuated.
John Leo Algo is the National Coordinator of Aksyon Klima Pilipinas and the Deputy Executive Director for Programs and Campaigns at Living Laudato Si’ Philippines. He has been representing Philippine civil society at UN climate and environmental conferences since 2016 and has worked as a climate and environment journalist since 2016.
The views expressed in this article are those of the author and do not necessarily reflect the editorial stance of LiCAS News.
