Jo Ann Eala —Contributed photo
A time deposit product that allows Filipinos to save while helping finance sustainable projects? Bank of the Philippine Islands (BPI) has just the thing with its recently launched “Green Saver” offering.
Starting with a minimum amount of P5,000, depositors can lock in their money for at least five years, during which the funds will be put to work, supporting a variety of sustainable projects in renewable energy, green buildings, construction and energy efficiency.
At the same time, depositors can earn competitive and fixed interest payments, tax free. BPI Green Saver time deposit pays anywhere from 4 to 4.5 percent per year, depending on how much money you put on the table.
“BPI takes notice of the growing attention toward sustainable investing and interest on environmental, social and governance-focused efforts,” says Maria Cristina Go, BPI head of consumer banking.
“This green deposit solution provides Filipinos with an opportunity to live a more sustainable lifestyle and contribute to sustainability by investing their fund in projects that help achieve a better future for all,” she adds.
BPI sustainability office head Jo Ann Eala says some P10 billion in loans has been allotted by the bank for such projects, which will be vetted by consultants trained by the International Finance Corp. This will ensure there is no “greenwashing” and investments meet a strict set of requirements.
In fact, BPI said these will be guided by the Bangko Sentral ng Pilipinas’ Sustainable Finance Framework.
“This allows clients to consciously contribute to environmental protection,” BPI says.
This is part of the lender’s “strong commitment” to involve clients in its overall sustainability goals, which already include its business operations and employees.
“BPI advances its sustainability thrust to contribute to the goal of reducing its carbon emissions by 75 percent by 2030 under the UN Framework Convention on Climate Change,” BPI adds.
It also hopes the product will appeal to the younger generation of depositors, especially those with a strong inclination toward sustainability.
“This offering is an ideal time deposit choice for Filipinos who are planning to start their investment journey, particularly millennials and Gen Zs, as it requires a minimum investment of P5,000,” BPI says.
“There is a growing momentum behind sustainable practices for a very simple, straightforward reason: people are realizing the importance of sustainability in improving quality of life while protecting the environment and preserving resources for future generations,” BPI says.