We have the same stuff on our nipa house..Termites dont touch it as it`s only the tough shell of the bamboo that has been skimmed off and then weaved into a diamond pattern.
Only thing is that you need to attach 2x2 stud work onto blocks that it will be nailed too..
Any timber here needs to be coated by a product called woodsaver to completely stop termites.
In actual fact its cheaper to cement render walls but it just depends on what look you are after..