JBIC to lend US$25m to Philippines for renewables projects

This is JBIC's first time to provide GREEN finance to the Philippines.

Public financial firm Japan Bank for International Cooperation said it has allotted US$50m to fund renewable energy projects in the Philippines. JBIC's portion in the earmarked fund is US$25m while the rest is from other private financial entities.

JBIC partnered with Philippine bank BDO for the credit line. The bank will facilitate the lending to companies which are into renewable energy projects such as Aboitiz Power and Ayala Corp. 

"This credit line is intended to finance, under the GREEN operations, necessary funds for environment-related projects which contribute to reducing greenhouse gas (GHG) emissions, with a focus on renewable energy projects in the Philippines.," JBIC said in its release.