Landbank lends P20 B for green energy projects

Government-owned Land Bank of the Philippines has released P20.1 billion loans for local renewable projects as of end March, according to its president and CEO Cecilia C. Borromeo.Land Bank of the Philippines

The bank’s Renewable Energy Program finance the development of renewable energy sources and increase access to reliable, clean and sustainable power to help mitigate the effects of climate change in the country. Borrowers can take up to 90 percent of the total cost of the project. Cooperatives, associations and private borrowers categorized as single proprietorships, partnerships, or corporations may borrow up to 80 percent.

The Bangko Sentral ng Pilipinas last February released the sustainable finance roadmap and guiding principles which were developed by the inter-agency technical working group on sustainable finance or the “Green Force”.

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