23 September 2012, Business World Online
The International Finance Corp. (IFC) is aiming to invest up to $300 million in the Philippines next year with a particular focus on infrastructure, financial markets and manufacturing.
“[R]ight now, $200-300 million is what we’re looking at normally for lending. For the Philippines, that’s something we can sustain,” IFC resident representative Jesse O. Ang said at the sidelines of last week’s Integrity Summit.
The IFC is a member of the World Bank group, lending to the private sector in developing countries. One of its target areas is infrastructure, especially with the implementation of the public-private partnership (PPP) program.
“Infrastructure is definitely a priority for us. We’d like to see if there’s an opportunity for us to invest in PPP,” Mr. Ang said.
“Right now, we are there in an advisory capacity. But once you get the private sector proponent who wins, if they are interested in lending, we’d like to support that,” he added.
Moreover, the IFC is keen on continuing its work in financial markets after its successful Sustainable Energy Finance program, wherein it guaranteed loans extended by banks to energy efficiency and renewable energy projects.
Lastly, the organization hopes to invest in manufacturing to improve the sector’s competitiveness.
“Like always, though, it’s a bit of a tango, we can propose [to lend], but we need partners that will dance with us,” he said. — D. C. J. Jiao
