Anna Caoleng didn’t think pig farms could produce more than pork and “lechon,” the Philippines’ famous roasted pig dish. But as an account officer for the Sustainable Energy Finance program of the Bank of the Philippine Islands,
It is often said that women run the Philippines – be it in politics, business, or at home. Many Filipino women start their businesses from home and over time, nurture them to become thriving standalone enterprises.
Since its privatization in 2006, Energy Development Corporation has been at the forefront of providing cheap, renewable power to Filipino businesses and households, which have been paying one of the highest electricity prices in Asia.
IFC provides and mobilizes capital to encourage private investments in the Philippines, especially in underfinanced sectors such as renewable energy, energy efficiency, water, and agriculture. We also work with the government to attract investors to much-needed infrastructure projects.
IFC helps lay the foundation for long-term growth by improving the business environment, promoting sustainable and reliable energy in rural areas, and enabling small businesses and outgrower farms to access credit, increase productivity, and reach profitable markets.
Increasing Access to Finance IFC invests in large commercial banks so they can expand their network of branches and improve their capacity to serve the funding needs of micro, small, and medium enterprises – accounting for some 98 percent of employment in the Philippines. We work with the country’s largest microfinance organization to establish a thrift bank that will pioneer SME lending in less-developed areas, creating jobs and reducing poverty.
IFC helps scale up lending for renewable energy, energy efficiency, and climate change mitigation projects by providing guarantees to our partner banks to support their loans.
Building Infrastructure for the Future IFC helps the Philippines meet its long-term energy needs by investing in renewable energy projects such as hydro, geothermal, wind, and solar. We assist rural electric cooperatives, which provide seven of every 10 electricity connections in the country, to increase efficiency and provide reliable power supply.
We work with the government on privatizations in key sectors such as power and water, improving the delivery of services to local communities. IFC provided equity and loan financing to Manila Water Company, allowing the utility to expand coverage to 99 percent of eastern Metro Manila and double its customers to 6 million people, and to the Energy Development Corporation, helping it become one of the world’s leading geothermal energy producers.
Small Farmers, Bigger Markets In agribusiness, IFC works with an international banana export company and Rainforest Alliance to train small banana farmers in sustainable farming so they can earn international certification for their produce, expanding their export markets and raising their incomes.
Making Doing Business Easier IFC advises 25 cities in setting up one-stop shops to make starting and running a business easier, more transparent, and cheaper. IFC’s Global Governance Forum works with the Philippine Stock Exchange and the Institute of Corporate Directors to improve corporate governance practices among publicly listed companies and to attract international investors to the stock market.