MANILA — The Ayala-led Bank of the Philippine Islands (Bank of the Philippine Islands) said demand for electric vehicles has increased significantly following the escalation of tensions in the Middle East, which drove fuel prices higher.

During a media briefing after the bank’s annual stockholders’ meeting in Makati on Monday, BPI consumer banking head Maria Cristina Go said clients are increasingly shifting toward financing new energy vehicles despite some postponement of other major purchases.

“There are still opportunities that crisis presents. For example, in this case, we’ve seen demand for new energy vehicles,” Go said.

“The demand for EVs now is so high. In fact, that’s what is propping up our auto loan book,” she added.

Go said BPI’s electric vehicle loan portfolio reached ₱12 billion as of the first quarter, marking an 18 percent increase from December. She noted that about half of the EV financing comes from BYD models.

“Many, many Filipinos are really looking at EVs right now. So there is a healthy pipeline. Whether it will get sustained even after the war or when gas prices have come down, we don’t know. But we’re hoping that with greater affordability, we can sustain that because it’s good for the environment,” she said.

Data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that electrified vehicle (xEV) sales continued to grow in March, with 6,148 units sold—accounting for about 17 percent of the total motor vehicle market.

BPI reported a net income of ₱16.9 billion for the first quarter of 2026, up 1.7 percent from the previous year’s ₱16.6 billion. The bank attributed the growth to loan expansion, improved net interest margins, and higher fee-based income.

Total revenues reached ₱50.9 billion, a 13.9 percent increase year-on-year, supported by a 13.7 percent rise in net interest income.

Total assets climbed to ₱3.7 trillion, while total loans increased by 13.5 percent to ₱2.6 trillion.

BPI president and CEO Jose Teodoro Limcaoco said the bank continued to post strong results driven by expansion and digital initiatives.

“It was a year of tremendous growth for BPI. We reported record profits, record number of customers, record initiatives. [We are] continuing our focus on both digitalization and sustainability and really trying to bring more Filipinos into the financial world,” he said.