Ayala-led bank on track to meet sustainability financing goals

THE Ayala-led Bank of the Philippine Islands (BPI) is on track to retire coal financing in support of the country’s sustainability efforts.

In a briefing Friday night, chief finance officer and chief sustainability officer Eric Luchangco said BPI has not financed energy projects that utilize coal since 2018 or when the bank formalized its Sustainable Energy Finance (SEF).

“We don’t look necessarily at the percentage of our loan book, but if you look at where we are right now, over 50 percent of our energy portfolio is in renewable energy. That will continue to grow overtime,” Luchangco said.

He clarified that “the pace that we have is highly dependent on what the clients want to do” but stressed that they expect to be a leader in the market.

Among the energy projects the BPI is currently financing is for AC Energy (ACEN), another Ayala Group firm that is listed in the local bourse.

President Ferdinand

Marcos Jr. graced the inauguration of ACEN’s 160-megawatt wind farm in Pagudpud, Ilocos Norte on May 19, located in the villages of Balaoi and Caunayan.

“We’re looking at all these new technologies. We continue to work on all of the sources of renewable… As I mentioned solar briefly, we are looking at improving the geothermal, our dams, maybe we can expand the hydrothermal power we get there,” the President said in his speech.

The BusinessWeek Mindanao is published by BusinessWeek Mindanao Corporation every Monday to Friday with office address at Tanleh Building, Abellanosa, Cagayan de Oro City. It is registered with the Securities and Exchange Commission under Company Registration No. CS201531633 with BIR Certificate of Registration No. 2RC0000831068, TIN No. 463-826-272-000 – VAT. Reg., and with Business Permit No. 2020-04015. Tel. Nos.: (088)856-3344, (088) 810-100, 0923-4320687, 0917-7121424

Website: www.businessweekmindanao.com

E-mail : businessweekmindanao@gmail.com

NELSON CONSTANTINO Editor-in-Chief

MIKE BAÑOS

Motoring Editor

CRIS DIAZ

Contributing

Editors

ATTY. ANTONIO S. SORIANO 2f, ICS Building Tel.No.: 881-0176

Tiano cor. Montalvan sts. Legal Counsel

ATTY. MARIO T. JUNI

Cell No: 09352379999 Juni Law Office Cruz Taal St., CDO Legal Counsel

CHRIS PANGANIBAN Regional Editor - Caraga

MANILA OFFICE: 9th Floor, Unit 918, CityLand Herrera VA Rufino Cor. Valero St., Salcedo Village, Makati City

CECILIA FRESNIDO-HONRADE - New Marketing Manager

DAVAO BUREAU

Door 223, Doña Segunda Bldg., CM Recto Ave., Davao City Telephone #: (082) 298-8815

NORMA PACHECO,

Member:

Philippine Press Institute Oro Chamber