Dutch multinational banking giant ING is optimistic about the growth prospects in the Philippines, as it expressed intent to finance public private partnership (PPP) projects.

In an interview with GMA News Online, ING Philippines country head Hans Sicat said the bank is “very active in terms of looking at the various infrastructure-related projects.”

Asked if the bank is ready to finance PPP projects, the ING Philippines head answered in the affirmative.

“Yes… Because we are already involved in a number of [infrastructure] projects,” Sicat said, adding the bank will be “more involved” in infrastructure projects led by the private sector.

Last month, President Ferdinand Marcos Jr. called on the private sector to participate in the government’s infrastructure initiative, with 74 PPP projects worth P2.25 trillion in the pipeline.

The President said his administration seeks to enhance the business environment and allow the business sector to maximize its contribution to the revitalization of the country’s economy.

For his part, ING Wholesale Banking Philippines head Jun Palanca said that the bank’s involvement in future PPP projects will not stop with lending or financing, as it will also get involved in the plans of private sector proponents to refinance their projects.

Sicat added that, in terms of projects the bank is currently involved in, “we’re… advising on what type of various legal and financial structures to essentially optimize whatever project is being done.”

Palanca said that ING is optimistic about the country and region’s potential, “especially in areas where ING can make a difference.”

The lender plans to establish a power-generation lending portfolio that is 60% renewable in order to address climate change.

Sicat said the entire ING Group is aiming to grow financing of renewable energy by 50% by the end of 2025 and will cease to provide dedicated finance to new oil and gas fields.

“There’s a growing sense of urgency on climate change. It is clear that governments, businesses, and individuals have to all step in and help address it,” he said. — VBL, GMA Integrated News

By TED CORDERO, GMA Integrated News
Published November 8, 2022 3:39pm