Bullish BPI on Solar Energy Investments

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NB FILE PHOTO

The BANK of the Philippine Islands (BPI) is optimistic about the impact of investing in solar energy, as it can reduce energy costs in the long run.

“Solar power is a commodity within reach for most businesses. If done correctly, they can save almost 35% on electricity. This translates into savings that companies can use for more productive purposes, ”said Anna Liza A. Eugenio, Deputy Director of BPI Sustainable Development Finance (SDF).

Ms Eugenio said that many companies still view investments in solar energy as more apt to do business in advanced economies.

BPI SDF funded 365 projects in the first half of 2021, including 28 billion pesos for credit to 158 energy efficiency projects, 139 billion pesos for renewable energy and 34 billion pesos for 109 climate resilience developments, Ms. Eugenio said. .

The program has been used by clients for green projects related to energy efficiency, renewable energy, climate resilience and sustainable agriculture.

The Philippines, as a tropical country with many sunny days, has potential for solar power, said Silverio Navarro, Jr., renewable energy consultant for BPI.

“We can leverage this energy from the sun to generate usable electricity that can be used to power households or businesses in clean, sustainable ways,” Mr. Navarro said.

“The cost has also fallen due to technological improvements and increasing competition from solar technology providers,” he added.

BPI’s third-quarter net profit increased 3% year-on-year to 5.66 billion pesos, as lower credit provisions offset lower interest income. The bank’s nine-month net profit rose 1.8 percent to 17.5 billion pesos.

Shares of the Ayala-led lender closed at P91.05 each on Monday, falling from their close of P92.15 on Friday. The local stock market suspended trading on Tuesday due to a technical issue. – Luz Wendy T. Noble


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