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.
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.