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Manila Bulletin devider Business devider Banking & Finance devider BDO vows continued support of Philippine conglomerates

BDO vows continued support of Philippine conglomerates

Published Aug 13, 2024 08:31 am

Sy-controlled BDO Unibank Inc., the country’s largest lender, said it will continue to support and fund local conglomerates' sustainable and responsible projects in aid of the government’s development goals.

In a statement Tuesday, Aug. 13, BDO which is part of a financial conglomerate structure, said it will remain an active partner of Philippine conglomerates, namely San Miguel Corp. (SMC) with its green and development projects that have been funded by the bank.

The most recent was BDO’s co-financing of San Miguel Global Power’s (SMGP) Batter Energy Storage System (BESS) project under a P40-billion Syndicated Term Loan Facility in November last year.

BDO was also involved in arranging and managing a P100-billion term loan for SMC’s Metro Rail Transit Line-7 project in mid-2023.

BDO said its ongoing support “is crucial” to SMC’s greening endeavors and in achieving the conglomerate’s environmental targets and socio-economic goals to have a fully sustainable supply chain by 2040 and net-zero emissions by 2050.

SMC Chairman and CEO Ramon S. Ang said that with BDO’s “invaluable support” it was “able to advance projects that are at the forefront of nation-building, ensuring a better future for every Filipino.”

"At SMC, we are committed to building a future where the environment, our people, and the economy collectively thrive … We are grateful for partners like BDO, who share our vision for a sustainable, progressive Philippines for all,” said Ang.

BDO stated that it recognizes SMC as a “key player in the Philippine economy and the only Filipino company to make it to the top ten of Fortune Magazine's first-ever Southeast Asia 500 list in 2024.”

SMC businesses cover food and beverage to infrastructure, packaging, energy, fuel and oil, cement, and property – “contributing about 6% to the national GDP,” said BDO.

In supporting SMGP’s BESS project, the bank highlighted the 32 BESS facilities nationwide that will provide a combined capacity of 1,000 MWh. “This supports the development of other renewable sources, aligning with the Philippines’ goal of generating 35% of its energy from renewable sources by 2030,” said BDO.

As for the MRT-7 project, once operational by 2025, this will ease Metro Manila's traffic and cut down commuter travel time.

Other projects financed by BDO include Metro Manila Skyway (MMS) Stage 3 and the Tarlac Pangasinan La Union Expressway (TPLEX).

In the first six months of 2024, BDO reported a 12 percent year-on-year growth in net income to P39.4 billion. 

SMC, meanwhile, reported a net income of P33.5 billion in the same period, up by 66 percent year-on-year.

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