The Manila Electric Company and the Bankers Association of the Philippines have teamed up to advocate the adoption of energy efficiency in the banking sector.

In a Power Up forum recently organized by Meralco and BAP, BAP managing director Benjamin Castillo underscored the importance of introducing sustainable energy practices in banks’ day-to-day operations.

“Electricity is a substantial operational expense for banks, particularly those with big branch networks and data centers. Managing energy expenses correctly can enhance profitability and competitiveness and implementing energy-efficient techniques can drastically cut operational costs for banks,” Castillo said.

The forum was attended by facility and property managers and sustainability officers of 11 banks, including Rizal Commercial Banking Corporation, Philippine National Bank, Metrobank and PBCom, among others.

Discussions centered on sustainable business practices, particularly on how financial institutions can achieve their sustainability goals through efficient management of power.

Meralco has made managing energy efficiency easier for banks through its wholly-owned subsidiary, MServ, which provides end-to-end services including energy audits and maintenance of facility equipment. MServ’s Energy Efficiency 360 is an online platform that allows users to track data related to energy consumption.

Other practices cited that could help banks achieve energy efficiency included switching to LED bulbs from CFL lights, which can yield monthly savings of up to P5,000 for every 100 bulbs; and using motor controllers when demand is low, like those used to slow down escalators when they are not in use.

As part of the sustainable thrust of the forum, Meralco also tackled programs that banks can adopt in their operations, including the government’s Green Energy Option Program which allows consumers to tap renewable energy for their business operations.