BPI was recognized by Finance Asia as the Best Sustainable Bank in the Philippines for the fourth consecutive year while also garnering the top award in the newly-introduced category—Biggest ESG Impact. These recognitions further cement the Bank’s position as a champion in sustainability.
The Best Sustainable Bank award is given to a company who has best demonstrated a “proactive approach to the development of sustainability-related financing structures.” On the other hand, the Biggest ESG Impact award is given to a company with the best “strategic corporate approach to all three elements of ESG” – pertaining to Environmental, Social, and Governance principles.
Meanwhile, BPI was also recognized by the Nordic Chamber of Commerce of the Philippines (NordCham) as their Sustainability Business Partner of the Year during the Nordic Sustainability Awards. In the same event, BPI President and CEO TG Limcaoco was also heralded as the Sustainability Business Leader of the Year.
“We are grateful for these recognitions. These awards inspire us to be better, further strengthening our resolve to be a leader in sustainability not only in the Philippines but also in the Asia Pacific region. We believe that responsible banking and operations create a positive impact on the environment and society and should be economically beneficial for all those involved—and we are seriously committed to achieve this with everyone’s support,” Limcaoco said.
The latest honors from FinanceAsia and NordCham bring BPI’s sustainability awards this year to a total of five awards, after also being recognized in February by the International Business Magazine as the Best Sustainable Bank for the second consecutive year. In 2022, BPI won 10 sustainability-related awards in the Philippines and the Asia Pacific region.
Among its many ESG-related initiatives, BPI financed the world’s first Energy Transition Financing Facility (ETFF) wherein coal power generations plants are decommissioned 15 years ahead of the end of its technical life and repurposed into renewable energy. BPI also has the first Sustainable Development Finance (SDF) Program in the country, wherein the Bank finances renewable energy, energy efficiency, green buildings, and sustainable agriculture. As of year-end 2022, BPI has financed a cumulative 398 projects worth Php 252 billion under the SDF Program.
The Bank also launched sustainable products that promote responsible banking such as the BPI Invest Sustainable Fund Suite, BPI MyBahay, Pamilya Protect, NegosyoKo Lite, and the Green Saver Time Deposit.
In terms of sustainability through digitalization, it has six banking apps for different client segments, the latest of which is BizKo for SME clients, and VYBE, an e-wallet and lifestyle and rewards app.
BPI is the first Philippine bank to have six branches certified by the International Finance Corporation - Excellence in Design for Greater Efficiencies (IFC-EDGE). This means that the branches - namely BPI Iloilo, Loyola Katipunan, Guiguinto, San Fernando Highway Main, North Greenhills, and Forbes Park – are resource-efficient in terms of energy, water and materials. In addition, BPI has three corporate offices using 100% renewable energy, namely BPI Buendia Center, BPI Intramuros, and BPI Consumer Banking Headquarters (formerly the BPI Family Savings Bank Center).
BPI is also the first Philippine bank to mandate all employees to have at least 10% of their performance targets to be ESG-related, reinforcing the Bank’s continued leadership in sustainability.
Finance Asia recognizes leading financial institutions across Southeast Asia that have continued to show determination to deliver desirable outcomes, through display of commercial and technical acumen as they navigated uncertain economic times.