Catholic institutions in the Philippines are falling short of their pledge to divest from fossil fuels and mining-related activities, according to a new report.
The study, released June 4 by Living Laudato Si’ Philippines (LLS) and Caritas Philippines, revealed that despite a 2022 commitment by the Catholic Bishops’ Conference of the Philippines (CBCP) to withdraw Church finances from banks funding fossil fuel operations by the end of 2025, only PHP167.5 million (US$ 3.01 million) worth of stocks have been divested between 2015 and 2024.
The divested shares were held in 16 corporations known to support fossil fuel or mining activities.
The report also found that nine archdioceses and 20 dioceses remain listed as shareholders in these corporations. More than 140 Catholic congregations, missionary groups, schools, seminaries, and research institutions also appear on stockholder records.
The Archdiocese of Manila, in particular, maintained its equity holdings in six companies—including the Bank of the Philippine Islands, San Miguel Corporation (SMC), PXP Energy Corporation, and Oriental Petroleum and Minerals Corporation—amounting to PHP43.6 billion (US$783.6 million) as of December 2024.
Although 10 Catholic groups fully or partially divested from SMC in the last decade, four increased their holdings.
The net result was a 16% decrease in shares held by Catholic institutions but a 25% increase in their total market value. Thirteen Catholic groups now control 61% of all Church-related shares in SMC.
“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, Deputy Executive Director for Programs and Campaigns at LLS.
“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,” he added.
Bishop Gerardo Alminaza, Vice President of Caritas Philippines, acknowledged the gap between aspiration and implementation but said the report’s findings should spur renewed urgency.
“We are not on target as we expected. But to be realistic about it, we are just talking about three years,” he said. “Although it’s already 10 years since Laudato Si’, if we put it vis-à-vis Christianity for 500 years in the country, it’s really still a big challenge.”
Bishop Alminaza emphasized that the Church’s ecological commitment must move beyond declarations and be translated into tangible actions.
He noted that expecting significant progress within a short three-year timeframe may be unrealistic, especially given the longstanding societal issues—such as corruption and a culture of impunity—that have persisted despite 500 years of Christianity in the Philippines.
The prelate called for deeper engagement with Church decision-makers and the media to sustain pressure and promote transparency.
“We really have to start having this conversation in the spirit with people who have decision-making responsibilities to make them aware what are the options, what are the realities,” he said.
“And this is where I would like to appeal to our partners in media, both in the traditional media fora as well as social media, to really help us amplify this campaign and this challenge,” he added.
Fr. Pedro Walpole, coordinator of the River Above Asia Oceania Ecclesial Network (RAOEN), echoed the need for collective action and integrity-driven reforms.
“It is important we do this together. That’s the basis by which everyone engages,” said Fr. Walpole. “We’re dealing with data and audits as one level of exchange that’s very important—and the transparency and the humility. There is the advice and the training. And we need a lot more work on that to swing it.”
He underscored that the Church’s financial decisions should be driven by moral accountability rather than a focus on efficiency or performance. Integrity, he stressed, must be the guiding principle in advancing meaningful ecological and social action.
Fr. Walpole also emphasized the need for broader and more inclusive practices, which he said involve “a much broader auditing, green auditing, and to be able to show that this is one process amongst many for taking accountability as creatures of creation.”
Aryanne De Ocampo, Campaigns Program Head of the Center for Energy, Ecology, and Development (CEED), noted that faith-driven advocacy has already influenced industry decisions in the Philippines.
“In the last few years, we’ve also seen the great impact that leadership from the faith community made in driving change among companies and financial institutions behind destructive industries,” she said.
LLS Executive Director Rodne Galicha said the report highlights both a gap and an opportunity for the Church to recommit to ecological conversion.
“The Church continues to reach out through a new dialogue as a compassionate bridge of respectful understanding,” he said. “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.”
