26934 - PEEP

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Summary of Proposed Investment

Project Number

26934

Company Name

BANK OF THE PHILIPPINE ISLANDS

Date SPI Disclosed

Aug 28, 2009

Country

Philippines

Industry

Financial Markets

Projected Board Date

Sep 28, 2009

Status

Completed

Sector

Commercial Banking - General

Department

Regional Industry - FIG Asia & Pac

Environmental Category

Previous Events

Approved : Nov 17, 2009
Signed : Dec 9, 2009

Project Description

The project entails a risk sharing facility (“the Facility”) of up to $20 million equivalent to the Bank of the Philippine Islands (“BPI” or the “Bank”).

The Bank is the third largest universal bank in the Philippines in terms of total assets. The Bank is a publicly listed domestic universal bank offering a wide range of financial services that include corporate, consumer, overseas and investment banking as well as asset management and insurance.

This Facility builds upon the Sustainable Energy Finance Program (“SEF Program”) launched in 2008. SEF program’s aim has been to establish partnerships with local banks using financial products and technical advisory to increase funding to renewable energy (“RE”) and energy efficiency (“EE”) projects.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	21.0
Loan
Equity

Development Impact

Development Impact

The following development benefits are expected:

IFC is contributing to the development and diversification of the financial sector by assisting in the development of new markets and product lines with significant growth potential.

IFC’s project complements BPI’s strategy to support the EE and RE sectors and will enable the Bank to manage risk and grow its EE and RE assets at a faster pace than it would on its own.

Environmental and social benefits: The Philippines is heavily dependent on energy as an input and has one of the highest electricity rates in the region. The project will contribute to increasing efficiency in industry and reduce operating costs. In addition, the project will also contribute to pollution reduction by increasing usage of more efficient technologies with fewer harmful side-effects.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal, IFC will analyze the participating bank’s portfolio/pipeline activities proposed to be supported by this facility and determine the Applicable Requirements which may include: IFC FI Exclusion List; applicable National Social and Environmental laws and regulations; and/or IFC Performance Standards.

IFC will also review the capacity of the bank to manage social and environmental (S&E) risks through its S&E Management System (SEMS) for accounts under the RSF. IFC may suggest Supplemental Actions to address any gaps in the SEMS. The project may be required to:

- Develop a Social & Environmental Management System (SEMS) to the satisfaction of IFC;
- Identify responsible, qualified persons to manage and implement the SEMS in compliance with applicable performance requirements; and
- Submit an annual report to IFC as per an agreed format.

Contacts

For Inquiries About the Project, Contact

Ms. Georgia Gamboa
Bank of the Philippine Islands
BPI Building
Ayala Avenue Corner Paseo de Roxas
Makati City, Philippines

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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Local Access of Project Documentation

International Finance Corporation
11F Tower One, Ayala Triangle
Ayala Avenue, Makati City
Philippines

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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