The Bank of the Philippine Islands (BPI) has become the country’s first bank to adopt the Energy Regulatory Commission’s (ERC) Retail Aggregation Program (RAP), a development that highlights the economic potential of the retail electricity market. By aggregating nearly 2 megawatts of power demand across 70 Metro Manila branches, BPI will source electricity from ACEN Corp., marking a significant milestone in the country’s energy market evolution.
ERC chairperson Monalisa Dimalanta said the BPI adoption of the RAP sends a clear message to the banking sector and demonstrates that retail electricity markets are not only viable but offer opportunities for energy project finance. This innovation opens the door for banks to become integral players in the energy sector, contributing to national energy security.
The lender’s switch to RAP is part of a broader sustainability effort, with the bank also transitioning its corporate office in Manila to renewable energy via the Green Energy Option Program (GEOP). This initiative allows customers to select suppliers that provide power from purely renewable sources.
As BPI leads by example, the ERC anticipates other businesses, particularly schools and malls, to follow suit, with the market continuing to expand and evolve. The adoption of RAP, following Manila Water’s participation earlier this year, signals a growing trend in energy democratization, providing consumers with greater choice and control over their power sourcing.
