Signing the MOU: PVB and ECO Asia officials sealing the partnership including (from left) FVP Ignacio Manipula, PVB Bank Operation and Support Group Head; VP Carlos Rheal Cervantes, PVB Corporate Finance Head; PVB President and CEO Ricardo Balbido Jr.; Dr. Peter du Pont, ECO Asia Head of Party; IRG Philippines President Laurie Navarro; and Mr. Suneel Parasnis, ECO Asia Team Leader for Clean Energy Finance

Philippine Veterans Bank (PVB), headed by President and CEO Ricardo Balbido Jr., and Environmental Cooperation Asia (ECO-Asia), led by Chief of Party Dr. Peter du Pont, recently sealed a partnership that will assist clean technology project developers in the Philippines to access local and international financing sources for environmentally-focused endeavors.

PVB’s Corporate Finance Division, headed by VP Carlos Rheal Cervantes, has offered its expertise to syndicate funding from multiple financial institutions to fulfill the investment requirements of project developers. As a private, commercial bank authorized to accept government deposits, PVB is uniquely positioned within the private and public sector to access multilateral funding managed by public institutions. This wide access to sources of funding allows PVB to effectively tailor an investment package for clean technology project initiators.

ECO-Asia complements PVB’s services by strengthening its ability to assess the technical and financial viability of clean energy projects that are being applied for funding. This streamlines PVB’s approval process and ensures that the projects being financed can sustainably maintain a long-term impact in greenhouse gas mitigation.

ECO-Asia is a regional project funded by the US Agency for International Development (USAID) that aims to bridge the gap between investments and clean energy businesses. Private Financing Advisory Network (PFAN) is a multilateral public-private partnership initiated by Climate Technology Initiative (CTI) in cooperation with UN Framework Convention on Climate Changes’ (UNFCCC) expert group on technology transfer. PFAN is managed in Asia by USAID through its ECO-Asia Clean Development and Climate Program. In addition to the Philippines, PFAN is also being implemented in Asia in China and Indonesia.

Clean energy entrepreneurs and project developers interested in participating in the PFAN Philippines network may call (02) 910-3008, or send an email to fritzie@cleanenergyasia.net.

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Note to Editors:

For inquiries about this press release, please call PVB Corporate Communications Department at (02) 902-1670 or email corpcomm@veteransbank.com.ph.

For more information on ECO-Asia and CTI-PFAN, you may visit the following websites:

ECO-Asia (http://usaid.eco-asia.org)
CTI-PFAN (http://www.cti-pfan.com)

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For any questions or clarifications, please call:
Mike Villa-Real
Vice-President
Corporate Communications and Marketing Services Dept.
Tel: 902-1670
Email: mcvillareal@veteransbank.com.ph