BPI sets P11-B portfolio for energy related loans

MANILA, Philippines - Ayala-owned Bank of Philippine Islands (BPI) has set aside P11-billion loan portfolio for energy efficiency and renewable energy projects.

The bank in partnership with World Bank’s International Finance Corp. (IFC), has been supporting the Sustainable Energy Finance Program (SEFP).

To date, the P11-billion loan allocation of BPI has been helping the private sector finance more than 100 energy efficiency and renewable energy projects.

IFC, BPI’s partner in the SEFP, has been recognized by the United Nations Framework Convention on Climate Change (UNFCCC) for its SEFP program in the Philippines.

UNFCCC has selected 17 inspiring projects as 2013 Lighthouse Activities under the Momentum for Change initiative.

The Philippines and five other countries were recognized for their successful financial innovations to support investments in climate change adaptation and mitigation.

The 17 activities were showcased in special events during the UNFCCC Conference on Parties-19 (COP-19) and were recognized in formal ceremonies on Nov. 20, 2013 in Warsaw, Poland.

 â€œThe 2013 Lighthouse Activities are true beacons of hope, demonstrating what happens when innovation and passion come together to address the biggest challenge of our time,” UNFCCC executive secretary Christiana Figueres said.

Launched in 2008, Philippines SEFP has helped client banks identify and develop energy efficiency and renewable energy projects that BPI subsequently financed.

BPI’s pioneering partnership with IFC also led other banks like BDO, China Bank and BPI Globe BanKO to offer sustainable energy financing.

The program is supported by the Global Environment Facility and the Clean Technology Fund.

In 2010, BPI’s SEF Program also won in the G-20 SME Finance Challenge Award, providing the bank a $1.2-million grant funding to scale up its SEF and help provide SME’s with greater access to financing sustainable energy projects.

The international awards also gave recognition to 16 other projects for their climate change programs that improved the lives of the urban poor, and programs that recognized the leadership and participation of women in climate change.