In the past two years alone, it made invests to 13 business activities worth $345 million.
Among the beneficiaries of IFC’s investment funds are:
• Planters Development Bank, a thrift and savings bank focusing on small and medium enterprises;
• Manila North Tollways Corp., an infrastructure and development firm involved in the expansion of the North Luzon Expressway;
•APW Trade, a marketing and financial services intermediary for small and medium enterprises;
• StradCom Corp., an information technology (IT) company presently modernizingng and computerizing the national network of the Land Transportation Office (LTO); and,
•Asian Hospital, the IFC’s first healthcare project in the Philippines.
• The IFC has also been involved in extending funding or facilitated funding for technical assistance projects such as training and advisory to Planters Development Bank and the Asian Hospital.
New Project approvals include investments in:
• Eastwood, the country’s first cyber park development;
•Price Smart Philippines, the first retail joint venture company to set up operations in the Philippine after the liberalization of the sector;
• Banco de Oro Universal Bank, a financial institution that is an expansion binge; and,
• A trade facility with the Hong Kong and Shanghai Bank Corp. (HSBC), to enable three local banks to get letter of credit (L/C) confirmation for its small and medium enterprises.
In fact, the IFC is celebrating its 25th year in making investments in the Philippines. IFC vice president for portfolio and risk management Farida Khambata is presently in the country to meet with representatives of the government as well as clients, business and financial leaders to get a better understanding of the priorities and issues affecting private sector development.
According to a press statement, the IFC wants to promote sustainable private sector investment in developing countries, "helping to reduce poverty and improve people’s lives."
The IFC explained that it finances private sector investments in the developing countries, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.– Ted Torres