BDO Unibank gets JBIC nod on $50-million 'Green Facility'

BDO Unibank Inc. on Wednesday said it has secured the approval of the Japan Bank for International Cooperation (JBIC) for a $50-million "Green Facility" to relend to environment-related projects in the Philippines.

In a disclosure to the stock exchange, the Sy-led lender said it intends to bankroll environment-related projects which contribute to lessening greenhouse gas (GHG) emissions, under the Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) operations.

Formally inked on August 3, the facility is seen to promote the government's environmental policy while disseminating Japanese technology.

"The government has been taking vigorous steps to implement measures to cope with climate change, including the goal of reducing GHG emissions by 70 percent by 2030," the disclosure read.

The Climate Change Commission (CCC), together with all major stakeholders, started a six-month review of the Philippine energy policy in June.

“We will address key issues including incentives, renewable energy. But clearly, this is the policy of the state to ensure sustainability of renewable energy resource managing,” CCC Vice Chairperson Emmanuel De Guzman said.

In 2013, JBIC and BDO signed a memorandum of understanding aimed at promoting, developing, and strengthening the framework to support Japanese mid-tier companies and SMEs through Japanese regional financial institutions. — Jon Viktor Cabuenas/VDS, GMA News