IFC eyes investing in RP

The World Bank’s private investment arm, International Finance Corp. (IFC), is considering investing $2 billion to $5 billion in the Philippines.

Vipul Bhagat, IFC country manager for Philippines and Thailand, said that they were interested in making investments or assist in enticing foreign investors in infrastructure, tourism and information technology industries, especially in business processing outsourcing, electronics and energy.

The IFC is also looking at possible investments in water distribution, medical tourism, the financial sector and the mining sector.

They are also prepared to extend technical assistance grants to help study business prospects for standards of environment, corporate governance, help government agencies on policy formation, help small businesses and to develop the Philippines’ supply chain.

"We hope to make a significant contribution directly, or through supporting the private sector," Bhagat said in a press briefing held in celebration of IFC’s 55th year of operations in the Philippines. IFC has invested $2 billion in the country since 1962.

Javed Hamid, IFC director for East Asia and the Pacific, said the government "was more focused, especially in addressing the fiscal deficit and introducing new taxes." — Ted Torres