The Bank of the Philippine Islands (BPI) has become the first bank in the Philippines to adopt the Retail Aggregation Program (RAP), consolidating nearly 2 MW of power demand from 70 branches in Metro Manila.

The Energy Regulatory Commission (ERC) formally recognized BPI on April 7, 2025, for pioneering the adoption of RAP within the financial sector. The recognition took place during the ceremonial unveiling of the ACEN Renewable Energy Solutions (RES) “Powered by Renewable Energy” Badge at the ACEN Headquarters in Makati City.

ERC Chairperson and CEO Monalisa C. Dimalanta, in a F

acebook post, praised BPI’s leadership in embracing retail energy competition.

“BPI’s participation in RAP sends a clear message to other banks and the entire financing s

ector: that the retail electricity market is viable and that it offers real opportunity for enhancing the bankability of energy projects,” Chairperson Dimalanta said. “My hope is that banks across the country will recognize the enormous potential that lies in retail competition—that they are not just financiers of power projects, but banks can also become active pillars and firm foundations of the country’s energy security.”

BPI aggregated the power demand of 70 Metro Manila branches, amounting to nearly 2 MW, while also transitioning its corporate office to renewable energy through the Green Energy Option Program (GEOP).

Miguel De Jesus, ACEN’s Chief Operating Officer for Philippine Operations, commended the ERC for initiatives like RAP, which offer consumers more choice and promote a democratic approach to power consumption.

Eric Luchangco, BPI’s Chief Finance Officer and Chief Sustainability Officer, highlighted the significance of this step, noting that the transition of 70 branches to RAP marks just the start of BPI’s larger energy sustainability efforts.

BPI’s pioneering move is seen as an insp

iration for other financial institutions to explore similar initiatives, positioning the bank as a leader in integrating sustainable practices into core operations. Follow Power Philippines on Facebook and LinkedIn for more updates on energy sustainability in the financial sector.