MANILA, Philippines - Top lender Banco de Oro Unibank Inc. (BDO) has signed an agreement with the International Finance Corp. (IFC) to give the local private sector financing for sustainable energy investments that will help the country manage climate change.

IFC, a member of the World Bank Group, will provide advisory services to BDO as the Sy-led bank expands into energy efficiency and renewable energy markets.

"This agreement is part of IFC's global efforts to help minimize the adverse effects of climate change, especially in developing economies which suffer the most from it," Jesse Ang, IFC Resident Representative, said in a statement.

BDO President Nestor Tan, for his part, said: "BDO sees a lot of investment potential in the energy efficiency and renewable energy markets, as well as in clean development mechanism finance. We are glad to have IFC's global expertise in sustainable energy finance complementing our deep understanding of the Philippine business environment."

While the Philippines accounts for less than .01% of global greenhouse-gas emissions, its archipelagic territory makes it vulnerable to climate change.

Two typhoons hit the Philippines in late September 2009, causing property, infrastructure, and crop damage amounting to $4.38 billion. The typhoons directly affected 9.3 million people, according to an assessment done by the Department of Finance with the private sector.