Bank of the Philippine Islands (BPI), the longest running bank in the country, is now gearing towards sustainable energy finance (SEF).
On Tuesday, BPI introduced its first and largest SEF in Davao City, being one of the fastest growing business cities in the country.
According to Jo Ann Eala, BPI Vice President and Head of Sustainable Energy Finance and Specialized Lending, SEF or “green financing” is very profitable and at the same time, very efficient for the environment.
BPI’s SEF group is composed of technical experts that will be assessing every business firm’s needs in energy efficiency, renewable energy and climate resiliency.
This comes after the Philippine Green Building Code was enacted in 2016, wherein new buildings are required to comply with requirements for resource efficiency of the building design, constructions and operations among the six components such as energy efficiency, water efficiency, solid waste management, material sustainability, indoor environment quality and site sustainability.
A study conducted by the Department of Energy (DOE) found that 36 percent of national energy consumption comes from buildings.
“Going green can be very profitable,” Eala said. “When you engage in an initiative, that has to make money, in order for it to be sustainable. It has to be profitable, but profitability with a purpose as it contributes to environmental protection.
However, she said only a few companies, developers and even government agencies are aware of the Green Building Code.
In a commissioned study by the World Wild Fund for Nature (WWF), Davao is seen as a significant land for the rise of new livable developments.
“With high population growth, Davao must start making strategic development decisions to avoid congestion and concentration of climate risks,” Eala said.
She added Davao can be a hotbed for sustainable development through sustained management of water, power, food security through climate resilient agriculture and infrastructure.”
According to BPI’s sustainability portfolio in Mindanao by loan disbursement (as of September 2018), a huge portion of the accumulated to climate resiliency by 64 percent or a total of P2.26 billion, followed by energy efficiency with 20 percent or P700 million and last is renewable energy with 16 percent or P570 million.
John-C Syquia, head of Corporate Clients Segment, said the BPI program aims to make Filipinos more sustainable and financially inclusive.
“We help clients create a business case that results in profits and the long-term viability of their companies,” Syquia said.
