Groups representing environmental and consumer concerns, led by the Power for People Coalition (P4P), on Friday staged a demonstration in front of the Bank of the Philippine Islands’ (BPI) main office to stop funding coal-fired power plant projects.
BPI, the oldest bank in the country and one of its largest, is also the biggest financier of coal-fired power plants, a technology that has been discredited and being phased out in most advanced countries around the world.
“We are asking for BPI to become a responsible corporate citizen and stop funding coal, the source of high power rates, much environmental damage, and a lot of health issues in coal-affected communities,” said P4P spokesperson Gerry Arances.
Some of the projects funded by BPI include a $1.9 billion 600MW power plant in Masinloc, purchased by San Miguel Corporation in one of the biggest corporate deals in the country.
Other power plants funded by the bank are the 2×300 MW coal-fired power plant in Barangay Cawag, Subic Bay Freeport Zone in Zambales by Redondo Peninsula Energy (RPE) and the 600MW Mariveles Power Plant.
“BPI, in funding these coal projects, are using our money to poison us. ,” said Arances. (PR)