Front: (L-R) Ms. Vaidyanathan Gayathri , Mr. Alex P. Bangcola, , Mr. Rey Ignes.
Back: (L-R) Representative from the office of the President, Mr. Ashraf Ader, Ms. Arleth Mendoza, Atty. Jomaila Rangiris, Atty. Aimee Macarambon, Mrs. Pontillo, and Mr. Florentino Pontillo.
On December 8, 2020, Mr. Alex P. Bangcola, Chairman and CEO of Amanah Islamic Bank (AIB), Ms. Gayathri Vaidyanathan, CEO of Petrichor Capital SDN BHD, and Mr. Reynaldo Ignes, Chief Finance Officer of Philippine Renewable Energy Solutions Corporation (Prescorp) signed a tripartite Memorandum of Agreement (MOA) at the Manila Hotel for the development of Waste to Energy (WTE) facility which will be piloted in Cagayan Economic Zone Authority.
The WTE project is worth USD 130 Million and will be outsourced through AIB’s General Islamic Investment Account or Sukuk. The AIB acts as conduit for the Prescorp, the project proponent and Petrichor as the investor. Islamic Banking has gained prominence and preference in the international financial market due to its profit and loss sharing mechanism and Shariah compliance.
In consonance to AIB’s mission to support green finance and participate in national socio-economic development, this project will benefit the Local Government Unit (LGU) of Cagayan as it will generate jobs in the area and it will generate income from the sales of energy such as biochar and feedstock derived from processed and converted waste.
As the Philippine economy suffered harshly during the COVID-19 pandemic, this project is timely because the economy is gradually opening and the government has prepared an economic recovery plan for various sectors including the Energy sector.