Enviroment groups ask bank to stop funding coal projects

MANILA, Philippines — Groups representing environmental and consumer concerns led by the Power for People Coalition (P4P) on Friday staged a demonstration in front of a bank in Makati City asking it to stop funding coal-fired power plant projects.

“We are asking one of the  biggest banks in the country to become a responsible corporate citizen and stop funding coal, which is the source of high power rates, environmental damage, as well as health issues in coal-affected communities,” P4P spokesman Gerry Arances said.

Some of the projects allegedly funded by the bank include a $1.9-billion 600 megawatt power plant in Masinloc, Zambales; 300 MW power plant in Barangay Cawag, Subic Bay Freeport Zone and the 600 MW Mariveles power plant.

“The longer coal stays around in the country, the longer we have to pay higher rates for unreliable electricity, the more we have to pay for health costs of pollution and the greater the damage our children would have to undo with the environmental effects of coal use,” Arances said.

Consumer groups Murang Kuryente, Philippine Movement for Climate Justice and Sanlakas joined P4P in the demonstration.