Ayala-led Bank of the Philippine Islands (BPI) has urged more businesses to embrace solar energy to boost sustainability and profitability.
Anna Liza Eugenio, deputy head of BPI Sustainable Development Finance (SDF), said many enterprises still deemed investing in solar energy as just a desirable feature of doing business that only firms in advanced economies could afford.
“Solar energy has been around for some time, but many companies in the country are still reluctant to invest because they are unaware of how exactly green energy can boost their businesses,” Eugenio said.
The SDF program focuses on green projects such as those related to energy efficiency, renewable energy, climate resilience and sustainable agriculture.
“Solar energy is a low-hanging fruit for most companies. If done correctly, they can save nearly 35 percent on electricity. This results in savings that businesses can use for more productive purposes,” Eugenio said.
Under SDF, BPI also provides free technical consultations and evaluations through experts to help its clients evaluate sustainable energy project proposals which can potentially improve the bottom line as well as reduce the long-term effects of nonrenewable energy sources, such as coal and oil. The cost of solar power has also gone down because of the improvements in technology and increasing competition.