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Banks and Responsible Tourism: An Analysis of the Role of Banks in Advancing Sustainable Financing and ESG-Aligned Lending Policies

This study investigated the role of banks in the advancement of responsible tourism through its facilitation of sustainable financing, supporting activities that are align in environmental, social and governance principles. Banks play a critical role in terms of development in the tourism business through its lending practices, CSR programs and investment policies. Through its financing alternatives that supports sustainable tourism projects like conservation and eco-friendly resorts banks can become a factor that drives positively both environmental and social influence within the industry of tourism. This paper examines the potential of banks in supporting responsible tourism through responsible lending and financial innovation. The survey method was used, the survey instruments was distributed to several banks that are involved in tourism financing, providing an analysis into the banks polices in terms of environment, social and governance criteria in the aspect of funding sustainable tourism. The results indicated that although many banks are starting to give priority in responsible tourism through their lending activities, there is still challenges that needs to be addressed specifically through the alignment of banks financial objectives with the sustainable outputs. The analysis underscores the importance of banks in encouraging responsible tourism, ensuring that the industry’s growth is aligned with the principles of sustainability and social equity.

Alexander V. Gutierrez, Rolando L. Palad, Glenn Villapando, Marc Capistrano and Lourdes Cruz

Alexander V. Gutierrez et al.. (1970). Banks and Responsible Tourism: An Analysis of the Role of Banks in Advancing Sustainable Financing and ESG-Aligned Lending Policies. Our Lady of Fatima University – College of Hospitality and Institutional Management .
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Accepted: 27/09/2023

Published: 27/09/2023

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