BPI Globe BanKo inks deal with World Bank unit
The International Finance Corp., the private sector funding arm of the World Bank, has signed an agreement with mobile-based local bank, BPI Globe BanKO, to help smaller businesses afford clean energy and energy-saving systems.
In a statement, the IFC said the advisory agreement with BPI Globe BanKO—jointly owned by Bank of the Philippine Islands, Globe Telecom and Ayala Corp.—made it the third Philippine bank to partner with IFC’s Sustainable Energy Finance program.
The SEF program, according to the IFC, stimulates investments in energy efficiency projects by supporting banks in building an energy efficiency financing business. The two other partners under this program are Bank of the Philippine Islands and Banco de Oro Unibank.
The energy efficiency and renewable energy projects are aimed at cutting the cost of electricity and mitigate the adverse effects of climate change.
“We are excited about this program because the smaller businesses and lower-income families are actually paying the highest prices for energy. Through the Sustainable Energy Finance program, we can help them conserve energy and access cheaper and environment-friendly sources of power,” said BanKO president Teresita B. Tan.
Under the two-year agreement, IFC and BanKO will determine the demand for smaller renewable energy and energy-efficiency systems that could be financed by the bank, either through direct lending or through its network of non-governmental organization partners.
BanKO targets micro, small and medium enterprises, which account for some 98 percent of total businesses in the country and employ one of every three Filipino workers.