KORONADAL CITY — A senior World Bank (WB) official led a group composed of International Finance Corp. (IFC) and private sector representatives in a series of Mindanao meetings on Monday to explore investing in development projects in the Autonomous Region in Muslim Mindanao (ARMM).
MANILA, Philippines – Investments by the International Finance Corp. (IFC), a member of the World Bank Group, hit an all-time high in East Asia and the Pacific during fiscal year 2013, with a focus on facilitating business among emerging-market economies. IFC’s loans and equity investments reached $3.4 billion for 83 projects across East Asia Pacific during the fiscal year that ended June 30, up about 15 percent from the previous year. The commitments included seven South-South projects worth a total of $218 million. IFC Advisory Services also achieved strong results with a portfolio volume of close to $154 million across 85 projects. “Despite the current slowdown in economic growth in East Asia Pacific, this region continues to be the source of much of global business activity and will continue to play a critical role in overcoming the recent global financial crises,” said IFC director for East Asia and the Pacific Sérgio Pimenta. “IFC supports cooperation between emerging markets as capital flow from one developing country to another is critical to tapping new sources of funds, generating economic growth, and reducing poverty.” Assisting companies and banks in investing sustainably abroad has been a particular focus in China where IFC invested more than $1 billion in fiscal year 2013. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The World Bank Group and Myanmar reached a major milestone during the past fiscal year when the Bank Group re-engaged with the country after a 25-year hiatus. IFC is focusing on expanding the power Read More …
MANILA, Philippines – International Finance Corp. (IFC), the private sector investment arm of the World Bank Group, has approved a P1.02-billion investment in a special purpose vehicle (SPV) to purchase Plantersbank’s non-performing loans, the agency said. In a statement, IFC said this would help Plantersbank, run by the family of Amb. Jesus P. Tambunting, unlock its capital and increase lending to smaller enterprises in a move to stimulate economic growth and create jobs. IFC said they have entered into a partnership with OPIF Corp. and Altus Capital Partners to become co-investors for the SPV, called the Philippine Asset Growth Opportunity. “Plantersbank wants to scale up its lending particularly to small enterprises in the countryside and other sectors that promote job creation and grow local economies,” said Tambunting, Plantersbank chairman and CEO. “IFC’s new investment will strengthen our balance sheet, generate liquidity and help us access additional capital so that we can achieve that goal.” Following the global financial crisis, IFC launched a debt and asset recovery Program to make direct investments in businesses that need debt restructuring, in pools of distressed assets, and in specialized companies that manage these assets. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 IFC also invests indirectly through investment funds that target distressed assets and companies. The program allows banks to focus on their core function of extending credit to borrowers rather than on unloading non-performing assets. “IFC’s DARP investments help temper the volatility and lack of market confidence brought about by the global Read More …