Bank of Philippine Islands, World Bank advances in energy loan program

BPI aims to augment its lend to sustainable energy projects by another $106,000.

BPI president Aurelio Montinola III told reporters last weekend that the bank planned to increase lending to efficient and sustainable energy projects by another P5 billion ($106,303). .  The program, which started last year, aims to develop financing for sustainable energy projects. IFC, the investment arm of the World Bank, estimated sustainable energy financing needs in the Philippines at around $1 billion, as reported in the Manila Standard.

Montinola said BPI’s lending under the IFC facility had reached P1.2 billion ($25,510) and that the bank could expand the lending program by another P5 billion.

 The IFC facility aims to help BPI’s clients to cut cost by encouraging them to implement energy-efficient projects. The Philippines has the third-highest power cost in Asia.___