IFC launches $10-M program for Mindanao

DAVAO CITY — The International Finance Corp. (IFC), the World Bank’s private investment arm, kicked off yesterday its $10-million program for Mindanao.

"The opportunities are here and in a way we would also like to help create opportunities for Mindanao," said Chris Richards, IFC Jakarta-based general manager.

Richards said the Mindanao project would be spread out for four years under the Private Enterprise Partnership-Philippines (PEP) technical assistance program to harness the entrepreneurial skills of those in the South, where opportunities abound.

The IFC also formally opened yesterday its Davao City office, which will serve the concerns of Mindanaoans, particularly small and medium-scale entrepreneurs and those in various key industries like seaweed and banana production.

Richards said part of the IFC program is helping local government units in Mindanao improve their investment climate to lure more investors.

Euan Marshall, PEP-Philippines country coordinator, said the IFC has talked with various key groups of the Mindanao component of the program, which is jointly funded by the governments of Australia and Canada.

"We have already started the work by talking with the different concerned groups, not only the business sector but also the local government units," Marshall said.

Richards said the economic indicators of Mindanao, where majority of the country’s poorest provinces are, prompted PEP-Philippines to shift its focus on the island.

"That way, the IFC can help reduce poverty and improve people’s lives," he said.

Richards said the IFC would support Mindanao’s small and medium enterprises by improving their access to financing and forging agribusiness linkages between small and large businesses.

"There is so much room for growth in Mindanao," Marshall said.