BDO Promotes Green Financing by Supporting Eco-Friendly Businesses
As more developed countries continue to push for sustainable practices in businesses, academes and households, developing countries such as the Philippines is doing all its can to push for sustainable solution as it continues to develop its economies for its people.
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Photo from 2020 BDO Unibank Inc. Sustainability Report |
Among the leading priorities listed under sustainable program of the country is green energy. With most of the business in the Philippines relying of electricity to operate, many are still dependent on coal electric energy source through burning or coal and fossil fuels. This is why for 2030, the Department of Energy is pushing to move up the renewable energy supply component of the country to 35%.
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Photo from 2021 BDO Unibank Inc. Sustainability Report |
BDO Unibank Inc. (BDO), a full-service universal bank in the Philippines, strengthen its commitment to a sustainable
future by providing access to capital
and funding requirements to clients’ significant projects to fuel long-term development
and business success while protecting the planet.
Surallah
Power Generation, Inc. produces renewable biomass energy through its
biomass-fired power plant in South Cotabato. It
started out as a producer of veterinary products and animal feeds. When the
company discovered that the agricultural waste is best recycled into biomass
energy to create a sustainable energy source, they recognized the need for a reliable
banking partner who will provide financing as they venture into the power plant
business. Surallah approached BDO given
its reputation as a pioneer in sustainable finance in the country. The partnership has been successful, and
Surallah is now constructing its second biomass-fired power plant in Palawan.
“BDO
is very supportive in our endeavor. The Bank provides technical advice on how
to efficiently and effectively manage and operate the power plant. Our
credit facilities, lease lines and term loans are readily available and
tailor-fit to our corporate requirements.” said Atty. Rio Balaba, spokesperson
of Surallah.
Surallah’s
power plant benefits various stakeholders.
Farmers, farmers’ cooperatives and millers earn extra income by selling
their agricultural waste such as rice and corn husks, as raw material for the
biomass-fired power plant. Moreover, the residents and entrepreneurs are able
to use more affordable electricity.
Biomass is a high potential renewable energy source for the
Philippines given that 40% of the population is engaged in agriculture and the
country has an abundance of organic agricultural
waste. BDO has the leading expertise for
biomass energy financing, having funded the first biomass power plant in 2013
and with 15 biomass projects in its portfolio with an installed capacity of 164
watts.
BDO continues to offer
financial support to green companies and renewable energy projects to provide livelihood, uplift the lives of
Filipinos and contribute to the nation’s
progress while transitioning to a low carbon, environmentally responsible,
and socially inclusive economy.
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