The IFC earlier met with officials of the Chamber of Thrift Banks (CTB) to look into possible areas of cooperation.
"It is still exploratory," Suzanne Felix, CTB executive director, said.
The IFC is interested in capacity building for financial institutions involved in lending to small and medium enterprises (SMEs). They are not interested in directly extending loans but rather sending consultants to train or introduce new technologies to financial institutions.
Bankers added that the IFC prefers to talk with trade organizations like the CTB over individual banks.
The investment arm of the World Bank also held exploratory talks with the Rural Bankers Association of the Philippines (RBAP) to propose the same package.
RBAP executive director Manuel Guina said they are working on linking the IFC with the proposed Academy for Rural Bankers, an offshoot of the RBAP Foundation.
The proposed academy will introduce new banking technologies, systems, corporate governance, rules, laws and legislative issues related to the banking sector in general, and the rural banking system in particular.
Meanwhile, the World Bank Group assistance program for the Philippines will include a combination of investments, advice, and knowledge sharing. Total investments in the Philippines could exceed $2 billion.
With full implementation of fiscal reforms, this could include World Bank lending of up to $1.8 billion. The IFC will account for $350 million of the total package.
"IFC projects will have high growth and job-creating potential, hence, reduce poverty," IFC country manager in the Philippines Vipul Bhagat earlier said.
Bhagat said that in the next five years, IFC may invest up to $5 billion. Since 1962, the IFC has invested $2 billion in the country.