The project entails a risk sharing facility (“RSF” or “the Facility”) to support a portfolio of up to US$70.6 million of Energy Efficiency (EE) and Renewable (RE) loans of generated by the Bank of the Philippine Islands (“BPI” or the “Bank”). IFC will guarantee 50% of the portfolio for a maximum risk amount of up to US$35.3 million. The Bank is the third largest universal bank in the Philippines in terms of total assets and the country’s largest bank in terms of market capitalization. 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. The proposed project, which is a repeat project and builds on the success of IFC’s and BPI’s partnership in the first Sustainable Energy Finance (SEF) RSF, fits into IFC’s strategic objectives because it increases access to finance to EE and RE projects in the Philippines. The project is part of the Philippine Sustainable Energy Program (PSEFP) which aims to establish partnerships with local banks using financial products and technical advisory to increase funding to RE and EE projects.