BPI named Best Bank in the country, wins big at FinanceAsia Awards

The Bank of the Philippine Islands (BPI) was named the Best Bank in the Philippines by FinanceAsia Awards 2024, which recognizes the outstanding performances of leading financial institutions across Asia.

Founded in 1996, FinanceAsia is the leading capital markets publication in the region. It provides in-depth news and analysis on equity, digital assets, debt, and M&A deals, offering unique insights into Asia’s evolving business landscape.

Committed to sustainability, innovation, and excellence, BPI was also recognized by FinanceAsia, the leading capital markets publication in the region, as Best Sustainable Bank for the fifth consecutive year, the Bank with the Biggest ESG Impact, and the Best Corporate Bank. BPI Capital Corporation was named the Best Investment Bank and Best Debt Capital Market House.

“We are honored to have been given these recognitions. We intend not only to grow the business, but to also ensure that our undertakings remain sustainable, one that empowers our clients, stakeholders, and partners, and contribute to building a better Philippines – one family, one community at a time,” said TG Limcaoco, BPI President and CEO.

BPI, through its Sustainability Agenda, integrates sustainability principles in its strategic objectives and operations.

In 2023, BPI reinforced its sustainability commitment through new products and services. BPI, through its investment banking arm, BPI Capital Corporation, managed and acted as underwriter in ACEN Corp.’s Php25 billion perpetual green shares offering used to fund the company’s solar and wind power projects. Additionally, BPI introduced the Green Saver Time Deposit, a five-year time deposit product that commits funding for projects with environmental benefits such as renewable energy and green buildings.

ESG Initiatives

Following BPI’s Sustainability Agenda, the bank reinforced its ESG + E₂ sustainability formula, which emphasized the need for Environmental, Social, and Governance (ESG) initiatives to have economic benefits (E₂) to be sustainable. To strengthen its environmental impact, BPI engaged with a third-party consultant to develop a net zero strategy roadmap. This roadmap includes tracking greenhouse gas (GHG) emissions for its operations and financed projects and developing strategies to reduce these emissions.

To promote social impact, BPI has committed to the Council of Inclusive Capitalism (CIC) to promote greater financial inclusion by expanding financial services to micro, small and medium enterprises (MSMEs) and unbanked and underbanked Filipinos.

BPI Capital arranged BPI’s Reinforcing Inclusive Support for MSMEs (RISE) Bonds, a Php20.4 billion fixed-rate bond and the only ASEAN social bond in 2023. The net proceeds were used to provide loans to MSMEs affected by natural and health disasters.

For these efforts, BPI Capital was highly commended under the Best Investment Bank and Best Debt Capital Market House categories in the Philippines.

Best Corporate Bank

As for the Best Corporate Bank award, FinanceAsia noted BPI Institutional Bank segment’s loans which contributed 73% of the bank’s total generated loans for 2023. Through the Institutional Banking segment, the bank provides its corporate clients with expert business and financial advice and solutions for their needs. The segment also manages corporate credit business, product groups, investment banking subsidiaries (capital and trade) that cater to all client segments.

BPI disbursed a total of Php17 billion for renewable energy projects in 2023, bringing the bank’s total cumulative disbursements to Php19 billion for renewable energy projects which are estimated to reduce GHG emissions by 31.28 million carbon dioxide equivalent (tCO2e) per year.

Moreover, BPI BanKo launched the e’Nay app with Ultra Mega, an Institutional Banking client, as its initial partner. The app offers same-day delivery of goods to sari-sari store owners for orders placed before 2PM within 8-10 km radius. e’Nay is currently available in Baliuag, Bulacan; Arayat, Pampanga; Dasmariñas, Cavite; and Canlubang, Laguna. As of end 2023, the app has over 6,000 active users.

To support the provision of quality, clean, safe, and affordable drinking water for Filipinos, the Institutional Banking segment also partnered with the Philippine Spring Water Group, the manufacturer of Nature’s Spring bottled water. BPI is the first bank that extended credit to the group and has supported the company’s growth and success since 2007.

Aligned with the bank’s sustainability goals, the Philippine Spring Water Group is pursuing sustainable development by installing solar panels in all 11 of their manufacturing plants, purchasing energy-efficient machinery, and reducing their carbon footprint. The group also supports BPI’s digitalization efforts, using services like BizLink, Cash 360 machines, Remote Deposit Capture, and Self-Service Check Printing to enhance operations. According to Euromonitor, Nature’s Spring is the top bottled water brand in the country with a 39% market share in 2023, and BPI is a proud partner.

These initiatives and awards reflect BPI’s unwavering dedication to sustainability, innovation, and excellence. BPI remains steadfast in its mission to empower clients, stakeholders, and communities through sustainable initiatives, digital solutions, and financial services, working towards building a better Philippines – one family, one community at a time.