, Philippines

Bank of the Philippine Islands to cease coal financing by 2033

BPI aims to stop lending 45% of coal-fired powered projects.

Ayala-led Bank of the Philippine Islands (BPI), under its new president Teodoro Limcaoco, has identified sustainability in its four key priorities along with digitalization, customer services, and consumer banking. 

BPI, which celebrates its 170th year anniversary this year, plans to channel more funds to renewable energy projects. The bank aims to stop coal financing by 2033 which currently forms 45% of its current power generation portfolio. 

In a press briefing last 2 August, Limcaoco said that while BPI’s original commitment was to halve coal financing by 2026 and go down to zero by 2037, in line with the Paris accord to decarbonize, it was possible to totally phase out all remaining coal lending by 2033.

Further, the Philippine Daily Inquirer reported that the country still relies on coal for 58% of its energy needs, while renewables account for 21%, same as the ratio for gas, which is still seen as necessary during the world’s transition to a net-zero carbon future. 

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Hong Kong’s livi bank launches game-changing app for SMEs
Going fully digital on opening accounts and approving quick loans to SMEs raises ‘livi Business’ disbursements to over HK$70m (US$8.9m) as of end-April.
3 principles guide Bank Aladin Syariah in tapping Indonesia’s customer segments
Within a year, the digital sharia bank got past low penetration to record 1.7 million customers and now targets multiple times growth by end-2023.
Bankers face sluggish hiring market, layoffs in Hong Kong
Industry insiders reveal how investment banks prioritize cost efficiency and productivity over hiring new employees.