IFC okays 3 RP investments worth $39 M

The International Finance Corp. ((IFC), the investment arm of the World Bank Group, has approved three investments in the Philippines in the first quarter of this year amounting to $39.25 million.

In its latest report, IFC said it approved the $19-million investment in Asian Hospital Inc. (AHI), the first major private tertiary hospital to be built in the country in the past 20 years.

The $19-million IFC investment in AHI consists of a long-term loan of $12 million for IFC's account, a long-term loan of $5 million for the account of participant banks and an income participation loan of $2 million for IFC's account.

Another investment is in Planters Development Bank amounting to $25 million, consisting of a long-term loan of $15 million and an equity in investment in the form of convertible preferred shares of $10 million.

As part of the project, IFC is also arranging a technical assistance program for Planters Bank via the Comprehensive Japan Trust Fund which would focus on improving the bank's internal procedures, policies and operations.

IFC's loan to and investment in Planters Bank are aimed at complementing its short-term deposit base and at strengthening its capital structure.

IFC has also invested in so-called ePlanters wherein it would infuse about $250,000 to provide for the start-up capital for establishing a new eCommerce company in the Philippines to provide web-hosting services for small and medium sized enterprises.

The new company, IFC said, will be launched in partnership with Planters Bank, Vicor (a California technology company) and the Asian Institute of Management.

IFC has been investing in the country as the private investment arm of the World Bank group. At invests an average of about $100 million to $150 million each year in Philippine projects.