MANILA, Philippines —The Ayala Group’s Bank of the Philippine Islands (BPI) rolled out eco-friendly auto and housing loans, the first bank in the country to do so.
In a statement, BPI said these products include solar mortgage for those planning to install solar power facilities in their homes, eco-build financing, for those looking to build sustainable spaces, and electric vehicle financing.
“BPI Green Solutions represents a pioneering step in sustainable financing, providing customized solutions for housing and auto loans to make sustainable homes and e-vehicles more accessible and affordable to the market,” said Dexter Lloyd Cuajotor, head of BPI retail lending and bancassurance.
READ: Save money, save the planet
“Despite the high costs of solar panels and electric vehicles, BPI offers flexible payment and discounts through the All Out Promo until March 31, 2024,” Cuajotor said.
Sustainability focus
In 2019, BPI broadened its green efforts to cover sustainable agriculture, joining its focus on renewable energy and climate resilience, through the Sustainable Development Finance (SDF) Program.
“BPI’s commitment to sustainability extends beyond its Green Solutions initiative,” the lender said.
“BPI’s bank-wide sustainability mandate, a first-of-its-kind program in the Philippine banking industry, underscores its unwavering dedication to deliver responsible banking to stakeholders, from clients to investors and local communities,” it added.
The SDF Program underscored BPI’s intensified commitment to the United Nations Sustainable Development Goals (UN SDGs), diversifying its services for sustainable development.