IFC helps largest Philippine bank finance climate change projects

Manila, Philippines, March 16, 2010— IFC, a member of the World Bank Group, has agreed to advise the Philippines’ Banco de Oro as it expands into energy efficiency and renewable energy markets to encourage more investments that will help the country manage climate change.

Under a new cooperation agreement, IFC will provide advisory services to Banco de Oro, a leading financial institution and the largest commercial bank in the Philippines, to give the local private sector appropriate financing for sustainable energy investments.

“BDO sees a lot of investment potential in the energy efficiency and renewable energy markets, as well as in clean development mechanism finance,” said Nestor V. Tan, Banco de Oro President. “We are glad to have IFC’s global expertise in sustainable energy finance complementing our deep understanding of the Philippine business environment. Together, we can promote greater use of environment-friendly energy sources.”

While the Philippines accounts for less than .01 percent of global greenhouse-gas emissions, its archipelagic territory makes it vulnerable to climate change. Two typhoons hit the Philippines in late September 2009, causing property, infrastructure, and crop damage amounting to $4.38 billion. The typhoons directly affected 9.3 million people, according to an assessment done by the Department of Finance with the private sector.

Jesse Ang, IFC Resident Representative, said, “This agreement is part of IFC’s global efforts to help minimize the adverse effects of climate change, especially in developing economies which suffer the most from it.”


IFC is the only international financial institution focused solely on the private sector, the engine of sustainable development in emerging markets. Along with the IBRD, IFC is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including support for climate-friendly investments.


About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org .


About BDO

BDO is a full-service universal bank that maintains strategic focus on principal segments, namely, the corporate market; middle-market banking segment; and the retail/consumer market. The bank also has expertise in asset management, leasing and finance, remittances, bancassurance, credit cards, and corporate cash management. Through selective acquisitions and organic growth, BDO is positioning for increased strength and continuing expansion into new markets.