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IFC Partners with Bank of Philippine Islands to Expand Access to Sustainable Energy Finance


Contact
Location: Manila

Name: Lumen Balboa

Phone:  +632 848 7333

E-mail:
LBalboa@ifc.org

Contact

Location: Hong Kong

Name: Andrew Mak

Phone: +852 2509 8110

E-mail:
AMak@ifc.org


Manila, January 18, 2008—IFC, a member of the World Bank Group, today signed an agreement to help the Bank of the Philippine Islands build a sustainable energy financing loan portfolio.  Through the agreement, IFC will help BPI expand its financial products, focusing on micro, small, and medium enterprises in manufacturing. The bank will also focus on energy efficiency in hospitals, schools, hotels, shopping malls, and the business process outsourcing industry.

Aurelio Montinola III, BPI President, said, “We look forward to partnering with IFC as it strengthens our leading role in the country’s financial community.  IFC will provide us with the focused support and global experience we need to develop the market for sustainable energy financing. We are delighted to be a pioneering financial institution in supporting sustainable energy businesses.”


Jesse Ang, IFC Acting Country Manager for the Philippines, said, “This project is a part of IFC’s global strategy of climate change mitigation, which is being integrated into our global, regional, and country operations. Through our advisory services, we aim to help BPI expand its portfolio to reach out to forward-thinking businesses that recognize the business case for renewable energy and energy efficiency.”


A leading universal bank in the Philippines, BPI is the first in the country to leverage IFC’s Sustainable Energy Finance Program to focus on SMEs and other key sectors. The bank has shown its commitment to climate change mitigation. In December 2007, it forged a partnership with Kabang Kalikasan ng Pilipinas (World Wildlife Fund Philippines) to establish the Climate Savers’ Program, which aims to reduce the bank’s carbon footprint over the next five years. The BPI Foundation is also engaged in a series of advocacy programs on environmental promotion.


A key part of IFC’s strategy in the Philippines is to strengthen the financial sector by supporting local capital market development, sustainable energy finance, access to finance for small and medium enterprises, housing finance, and firms in agriculture and services to improve their competitiveness.


About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org.


IFC Sustainable Energy Finance Program in the Philippines

IFC has recently established a Sustainable Energy Finance Program in the Philippines that builds on experiences of similar programs in China, Central Europe, and Russia. Through its work in sustainable energy markets, including energy efficiency and renewable energy, IFC has played a pioneering role in helping mobilize private sector investment in clean energy technologies and services in emerging markets.


About the Bank of the Philippine Islands

As the first private commercial bank in the country and in Southeast Asia, the Bank of the Philippine Islands has maintained a leadership position in consumer and trust banking, asset management, corporate banking and finance, and bank assurance. With over 700 branches and about 1,100 automated teller machines, BPI has the largest combined network in the country, serving some 3 million depositors.