Bank of the Philippine Islands, the third-largest lender in terms of assets, plans to raise P10 billion to finance green projects through its Green Saver Time Deposit that was launched on Tuesday.
BPI head of consumer banking Maria Cristina Go said the bank took notice of the growing attention toward sustainable investing and interest in environmental, social and governance-focused efforts.
“This green deposit solution provides Filipinos with an opportunity to live a more sustainable lifestyle and contribute to sustainability by investing their funds in projects that help achieve a better future for all,” she said.
Green Saver Time Deposit offers a competitive interest rate fixed for the entire five-year lock-in period to ensure that clients’ funds are protected from the volatile market rates. Interest earnings from this time deposit are also tax free.
Bank officials said the offering is an ideal time deposit choice for Filipinos who are planning to start their investment journey, particularly millennials and Gen Zs, as it requires a minimum investment of P5,000.
Investments in BPI’s green time deposit will be used to finance or refinance a host of sustainability projects under its Sustainable Development Finance. This allows clients to consciously contribute to environmental protection.
BPI said it is guided by the Bangko Sentral ng Pilipinas’ Sustainable Finance Framework as it bounds towards its goal to become the best sustainable bank in the Philippines.
The launch of Green Saver Time Deposit signifies the strong commitment of BPI to embed sustainability not only in the conduct of its business and among its employees, but also among its clients, it said.
BPI advances its sustainability thrust to contribute to the goal of reducing carbon emissions by 75 percent by 2030 under the UN Framework Convention on Climate Change.
BPI received eight sustainability-related awards as of October 2022, the most in a year among Philippine banks.
BPI head of deposit Carmina Marquez said the Green Saver Time Deposit would be available to retail clients beginning Nov. 29.
