MANILA, Philippines - The International Finance Corp. (IFC), a member of the World Bank Group, and the Institute of Corporate Directors in the Philippines have entered into a partnership to promote good corporate governance among Philippine businesses and institutions.
Numerous studies have shown that improved corporate governance help strengthen the financial performance of businesses and boost economic growth.
Under the three-year partnership, IFC will support the institute in developing and delivering training to its members, many of whom are corporate directors and senior managers.
The World Bank affiliate will also assist the ICD in providing consultations and workshops for individual corporations as well as developing publications and other products on corporate-governance topics.
ICD chief executive officer Ricardo Nicanor N. Jacinto said the partnership with IFC supports its objectives of enhancing the professional skills of Philippine corporate directors and boards.
“The partnership also strengthens our advocacy of promoting good corporate-governance principles and best practices,” Jacinto said in a statement.
The partnership is part of IFC’s Corporate Governance Program in East Asia and the Pacific, which is funded by the State Secretariat for Economic Affairs of Switzerland.
IFC works with the private sector in developing countries to promote good corporate governance that helps businesses mitigate risk, safeguard against mismanagement, and attract much-needed investment and capital that will fuel their growth and sustainability.
IFC Philippines country manager Yuan (Jane) Xu explained the partnership can help Philippine companies implement good corporate-governance practices.
“It will allow Philippine companies to build sustainable businesses, which in turn will drive growth and development in the country,” Xu added.
Corporate governance refers to the structures and processes by which companies are directed and controlled. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.
For fiscal year 2015, the IFC long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.