THE Bank of the Philippine Islands (BPI) said that they are pioneering the country's consumer loan for "green" purchases.

In a statement, the lender said that they had launched the BPI Green Solutions providing solar mortgage, eco-build financing and electric vehicle (EV) financing.

The bank said that this is in line with the Marcos administration's commitment, under the Paris Agreement which pursues initiatives on clean energy and promote sustainability across sectors.

BPI said that their Green Solutions offers consumer loans for purchasing solar panels, building eco-friendly houses, and purchasing EVs, which all contribute to the lowering of carbon emissions.

“This is a significant milestone in the BPI’s journey towards a more sustainable and eco-conscious future. BPI takes pride in pioneering innovations. And we also understand that our role extends beyond financial transactions but rather encompasses a responsibility to contribute to a greener and a healthier planet,” BPI Retail Lending and Bancassurance Group head Dexter Lloyd Cuajotor said.

According to the bank, the solar and eco-build financing have and lower interest rates from 9 percent down to 7 percent, and provides longer fixed-rate term for seven years. It also discounts bank fees of up to P70,000.

On the other hand, for those purchasing EVs, the consumers are expected to get get lower interest rate, free bank fees of up to P50,000, discounted prices on EV’s retail price, and free personal accident insurance worth PHP1 million.

“These green solutions are part of how we want to grow our business,” BPI chief finance and sustainability officer Eric Luchangco said.