Makati: Ayala-led Bank of the Philippine Islands (BPI) reported a significant increase in demand for electric vehicles, driven by the escalation of conflict in the Middle East which has resulted in a surge in fuel prices. In a media briefing following the bank's Annual Stockholders Meeting at the New World Hotel in Makati, BPI's head of consumer banking, Maria Cristina Go, noted that while some clients are delaying spending on big-ticket items, financing for electric vehicles is on the rise.

According to Philippines News Agency, Go highlighted that the demand for electric vehicles is bolstering BPI's auto loan portfolio. She stated that BPI's electric vehicle loan portfolio reached PHP12 billion as of the first quarter, marking an 18 percent increase compared to December. Go attributed a significant portion of this growth to BYD, which accounts for about 50 percent of the bank's EV financing.

Further data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) indicated strong growth in the sales of Electrified Vehicles (xEV) for March. CAMPI-TMA members sold 6,148 xEV units, representing approximately 17 percent of the total motor vehicle market in the country. Go expressed optimism about sustaining this demand, citing the potential environmental benefits and affordability of EVs.

BPI reported a net income of PHP16.9 billion for the first quarter of 2026, a 1.7 percent increase from the previous year. The earnings growth was supported by the expansion of its loan portfolio, increased net interest margins, and higher fee-based income. BPI's total revenues for the first quarter reached PHP50.9 billion, reflecting a 13.9 percent year-on-year growth, bolstered by a 13.7 percent rise in net interest income. The bank's total assets amounted to PHP3.7 trillion, an increase of 13 percent year-on-year, with total loans rising by 13.5 percent to PHP2.6 trillion.

BPI president and CEO, Jose Teodoro Limcaoco, remarked on the bank's achievements, noting record profits and customer growth. He emphasized BPI's focus on digitalization and sustainability, aiming to integrate more Filipinos into the financial world.