Bank of the Philippine Islands (BPI), the financial arm of Ayala Corp., said financing for new energy vehicles (NEVs) reached PHP17 billion as of the second half of the year, growing 157 percent year on year, as improved charging infrastructure encourages the rapid adoption of sustainable mobility solutions.
Maria Cristina L. Go, BPI executive vice president for consumer banking, said during a media briefing on Monday marking the bank’s 175th anniversary that NEVs now account for 13 percent of BPI’s total automotive loan portfolio of PHP131 billion over the past five years.
Aside from high oil prices, Go said the improving EV infrastructure remains a key driver of EV sales. She noted that the EV charging ecosystem is expanding, with more charging stations available in malls, gas stations, and other facilities, while infrastructure is also being rolled out in the provinces.
“So there’s really demand and it’s growing because of the confidence in the infrastructure,” she added.
In terms of NEV brands, Go said BYD accounts for the largest share of the bank’s NEV financing portfolio, with AC Mobility, another Ayala subsidiary, serving as one of its major distributors.
However, Go clarified that even before BYD’s rise in popularity and before the surge in oil prices, BPI had already been supporting sustainable mobility by offering financing for EVs and other green solutions, including solar power systems.
“We’ve always been in sustainability. We were the first bank to support sustainability financing,” she said.
Go noted that the bank’s green financing solutions were introduced about a year and a half ago.
“So even before BYD was big, even before oil prices were at this level, we already have offered EV financing, and so on,” she pointed out.
Go also emphasized that BPI continues to provide auto loans for internal combustion engine (ICE) vehicles, although demand for NEVs has been growing significantly faster than for traditional motor vehicles.
The only deterrent to the growth of NEV adoption in the Philippines, she said, is supply.
