KORONADAL CITY, South Cotabato -- As part of its commitment to operate an environmentally sustainable hospital, the Dr. Arturo P. Pingoy Medical Center is tapping into solar energy as an alternative power source to deliver quality healthcare to patients.
Established by physician spouses Dr. Arturo and Dr. Amparo Pingoy in 1961, the hospital has grown from a small out-patient clinic into a three-storey medical building with a 100-bed capacity.
The Land Bank of the Philippines (LANDBANK) has been a major partner of the hospital since 1998, extending credit assistance amounting to P612 million which were used for working capital and construction of medical buildings and facilities. Of this amount, P127 million was allotted for the establishment and operations of the medical school, St. Alexius College, Inc.
Now operated by the Pingoy children, the hospital is transforming into a ‘green’ healthcare facility by using a portion of the latest loan under LANDBANK’s Go Green Inclusive Financing Program to install 897 solar panels that now serve as an alternative power source.
With a total capacity of 342 kilowatt peak (kWp), the solar panels are able to supply 30% to 40% of the total energy requirement of the hospital. This generates around P4.8 million in savings per year, which improves the medical center’s cash flow and can be used for other essential expenses.
“As an energy-intensive business, we want to do our part in minimizing the hospital’s carbon footprint, while keeping our patients and employees safe and comfortable. With LANDBANK’s support, we were able to make this a reality,” said daughter Dr. Nanette P. Franco, who serves as a director at the Medical Center.
Additionally, the solar power helps the hospital continue operations even during power failures, preventing the disruption of medical procedures and damage to hospital equipment.
Through the Go Green Inclusive Financing Program, LANDBANK aims to finance the acquisition, construction, or installation of equipment, systems, appliances, or structures for the efficient and cost effective use of energy or electricity.
Eligible borrowers include enterprises registered as single proprietors, partners, cooperatives, and corporations; local government units (LGUs); government-owned and controlled corporations (GOCCs); state universities and colleges; and private universities and colleges classified as small and medium enterprises (SMEs).
Up to 90% of the total project cost may be borrowed to finance non-fossil energy sources, such as roof top solar energy systems, wind mills or turbine systems or hybrid energy generators, and waste to energy conversion systems or equipment.
The LANDBANK Go Green Inclusive Financing Program also finances the installation of thermal insulation and heat exchange systems, energy efficient lightings, rain collection or water recycling systems, construction of green buildings, and installation or adoption of energy efficient cooling systems and equipment, among others.
Loans are payable up to 15 years based on cash flow or the economic useful life of the financed project, whichever is shorter. The interest rate shall be based on the prevailing market rate, but not lower than 5% per year.
As of 31 May 2022, LANDBANK has approved loans totaling P48.9 million under the Go Green Inclusive Financing Program, underscoring the Bank’s thrust of promoting sustainable finance and development. (LANDBANK)
