PE2, DOE support DBP's soft launch of E2SAVE financing program

  • PE2, DOE support DBP’s launch of E2 SAVE financing program
    PE2, DOE support DBP’s soft launch of E2SAVE financing program

MAKATI CITY, Philippines, 6 July 2018 – Philippine Energy Efficiency Alliance (PE2) officers and members joined Department of Energy (DOE) officials in supporting the soft launch of the Development Bank of the Philippines (DBP) Energy Efficiency Savings (E2SAVE) Financing Program held here earlier today.

The government-owned lender, DBP, was represented by its executive vice president Anthony T. Robles, first vice president Paul D. Lazaro, and senior assistant vice presidents Maria del Carmen H. Hernandez and Rustico Noli D. Cruz, and senior managers Jericho N. Martinez and Emily C. Gilbuena. DOE was led by Assistant Secretary Robert B. Uy, Director Jesus T. Tamang of the Energy Utilization and Management Bureau and Division Chief Artemio P. Habitan of the Energy Efficiency and Conservation Division. PE2’s delegation was led by president Alexander Ablaza and vice president for external affairs Ruth Yu Owen. Participating PE2 members included representatives from BlueSkyEnergy Corp, Edward Marcs Philippines, Hi-Cool Engineering Corporation, HOP Engineering Supplies & Services, Meralco Energy Inc (MServ), MVCP Biotechnology & Energy Resources Co, Petco Renergy Corp, PhilCarbon, Philips Lighting, PNOC Renewables Corp, Schneider Electric Philippines, TREES-Kaltimex Corp and Upgrade Energy Phils, among others.

PE2’s Ablaza congratulated DBP for rolling out the E2SAVE loan product, which not only qualifies the public sector and private end-users, but just as well lists accredited energy service companies (ESCOs) as eligible borrowers. PE2 was also pleased to note that up to 80% of energy savings verified by an accredited ESCO could be used to support loan amortizations.

Ablaza said, “By channeling debt capital through ESCOs for energy efficiency projects and using guaranteed energy savings to secure the loan, DBP’s E2SAVE has the potential of being the first energy efficiency loan product in the Philippines that is ready to deviate from the traditional corporate or asset-based EE lending. This also allows DBP to join several other capital providers supporting the P 8 trillion capital requirement of third party capital flows to energy efficiency projects, clearly supplementing the business-as-usual self-financed and debt-financed modalities used by commercial and industrial energy end-users today.”
 

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The Philippine Energy Efficiency Alliance, Inc. (PE2) is a non-stock, non-profit organization of energy efficiency market stakeholders.

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  • Philippine Energy Efficiency Alliance, Inc. (PE2)
    19/F Philippine AXA Life Centre 
    Senator Gil Puyat Avenue 
    corner Tindalo Street 
    Makati City, Metro Manila 
    Philippines 1200
  • +63 2 759 6680 (ext 231)
  • secretariat@pe2.org
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