The FINANCIAL — Jin-Yong Cai, Executive Vice President and CEO of IFC, a member of the World Bank Group, reiterated IFC’s strong commitment to working with the Philippines to further its development agenda of promoting inclusive growth in the country.
IFC will focus on supporting the Philippines’ private sector through public-private partnerships and strategic investments and advisory in the agribusiness and infrastructure sectors, including transportation, renewable energy, water, and sanitation, as well as improving access to finance for small businesses, according to IFC.
“IFC is committed to working with the Philippines to promote our shared goal of inclusive growth,” Cai said at the close of a two-day visit to the Philippines. “By supporting fair and transparent public-private partnerships, IFC can help the Philippines achieve the kind of growth that boosts prosperity.”
Average economic growth of 6.3 percent annually between 2010 and 2014 in the Philippines has not yet translated into notable poverty reduction. In 2013, around 25 percent of Filipinos, or 24 million people, were income poor.
During his visit, Cai met Cesar Purisima, Secretary of the Department of Finance, and they discussed opportunities for IFC to further promote inclusive economic growth and financial inclusion. Cai also held meetings with several representatives of the private sector during his visit.
IFC, the private sector development arm of the World Bank Group, has been investing in the Philippines for more than 50 years and opened an office in Manila in 1977. IFC has invested more than $3 billion in over 100 enterprises in the Philippines since its first investment in 1962.