devinitorg/iati-policy-markers huggingface dataset:
PNOC-EDC Project Note: The schedule for the Board meeting is driven by the financing timeline. To comply with the IFC disclosure requirements the decision of the Board meeting of November 16 will become effective upon the expiration of the required 30-day disclosure period for a Category B project.  PNOC-Energy Development Corporation (PNOC-EDC or the company) is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company presently engages private-sector electric power generators to operate geothermal power plants on a build-operate-and transfer (BOT) basis for a specified 10-year concession period. IFC is planning to provide financial support to the company to assist them in their medium term capital expenditure program. The project is expected to have a strong development impact by increasing the availability of additional resources to the company for its medium term capital expenditure program. These additional resources will be used to develop new energy projects that will help the country reduce its dependence on imported fossil fuels and accelerate a change in its energy mix towards more sustainable non-fossil fuels. The project is also expected to improve the efficiency and competitiveness of the geothermal energy sector of the Philippines. Furthermore, IFCs role includes helping to improve the sustainability of the company and its projects by improving corporate governance, and social and environmental risk management.
DCM CSB Gender The proposed investment is an up to US$100 million or in PHP equivalent own account investment in a senior, unsecured, fixed rate, Gender Bond or Loan (subject to regulatory approvals) to be issued by CSB with a tenor of 3 to 5 years. City Savings Bank, Inc. (CSB or CitySavings) is seeking to raise up to US$200 million equivalent (inclusive of the IFC investment amount) in total; IFC will aim to mobilize the financing gap of US$100 million. The bond is expected to be aligned with International Capital Markets Association (ICMA) social bond principles.   Incorporated in 1965, CSB is the 2nd largest thrift bank in the country (in terms of assets) and a subsidiary (99.9% owned) of Union Bank of the Philippines (UBP or UnionBank). CSB focuses on providing mass market financial products, particularly teacher salary loans, pension loans, government/company salary loans, motorcycle loans, and traditional deposit products. CSB provides its products through its own 149 bank branch network (52% in Luzon ex-NCR, 21% in Visayas, 19% in Mindanao, and 11% in NCR) and 3,380 branches and sub-agents of its affiliate entity, PETNET. Increased access to finance for individuals: The Project is expected to help CSB to grow its salary loan portfolio, majority of whom are female and workers in the lower-middle income segment. This will increase access to financing for these underserved individuals, and consequently increase access to essential products and services such as housing, education, medical, and funds for business.

Integration: At the market level, IFC anticipates that the project will lead to better integration between the capital markets and thrift and rural banking institutions through innovation, demonstration, and replication channels.
Magat Hydro The Magat Hydroelectric plant (Magat HEPP) is a 360MW power plant built at the foot of the Magat dam in the north of Luzon, the Philippines, which has been operational since 1983. The Magat HEPP has been undergoing a privatization process since December 2006 through an international tender process, as part of the privatization program of the Electric Power Industry Reform Act (EPIRA), a comprehensive sector reform law, under which the Power Sector Assets and Liabilities Management Corporation (PSALM) has been created to privatize substantially all of the assets of the National Power Corporation (NPC), the state-owned transmission and generation company. The Magat HEPP is among the countrys few peaking plants in the Luzon grid and is expected to be dispatched largely during peak hours, running primarily as a 100% merchant power plant and selling electricity through the bid-based wholesale electricity spot market (WESM).

The proposed IFC investment of a $105 million A Loan will partly finance the privatization of the Magat HEPP. The winning bid of $530 million was tendered by SN Aboitiz Power Incorporated. (SNAP), a 50:50 joint-venture between subsidiaries of Statkraft Norfund Power Invest AS (SN Power) of Norway and Aboitiz Equity Venture (AEV) of the Philippines. This would be the first and only privatization deal successfully concluded with significant foreign participation under EPIRA. The project is the first power privatization project with significant foreign participation and the first merchant power plant to be financed internationally in East Asia. It has a high development impact, as it is expected to: 

- reinvigorate foreign investors interest in the countrys power privatization program after several years of inertia, 
- continue to support power sector reform by restoring market confidence in the WESM mechanism and the institutional capacity of the Philippines in general; 
- provide proof of concept and demonstration effect of a successful privatization of a large scale merchant hydro power project to other East Asian countries who hesitate to embark in similar sector reforms; and 
- support the improvement in the operations and the potential capacity expansion of an environmental friendly source of energy in the country.
Banco de Oro Banco de Oro:      From a small savings bank in the 1970s, BDO has grown into a universal bank and has established a niche focused on consumer and middle market banking in high-growth urban clusters, and has also recently diversified into the insurance and investment banking businesses.  BDO''s affiliation with the ShoeMart Group has also been instrumental to growth, as the bank has been able to leverage the relationships developed by the SM retailing businesses with their suppliers.     Project Purpose:    (1) By investing US$20 million (in the form of a convertible loan) that would qualify as Tier II capital under Central Bank regulations, IFC would allow BDO to increase its capital base, leveraging on its existing Tier I equity, to expand its operations.  This would be one of the first instances of a Tier II instrument in the Philippines (following upon recently announced guidelines by the Central Bank), and the first by a private unlisted bank, allowing IFC to deploy a fairly new capital market instrument in the local market.    (2) Under the Partial Guarantee Facility, IFC would guarantee up to 40% of new loans extended by BDO, primarily to its existing clients in the middle market in order to enable these borrowers to increase their borrowing capacities and, therefore, improve and expand their operations and/or restructure their balance sheets.     Development Impact   : The main development impact of the proposed Tier II instrument is the positive impact on the local capital market by the introduction of a financial product based on the new Central Bank Tier II guidelines, and the positive impact on BDO''s capital structure as it works towards becoming a successful medium-size bank in the Philippines.  The proposed facility''s main development impact is the demonstration effect created by IFC''s support to the Philippine middle market, at a time when Philippine commercial banks are still reluctant to consider medium-tenor financing to medium sized Philippine companies.  It is hoped that both components of the project will send a positive signal to international investors and restore confidence in the Philippine private sector, particularly viable borrowing businesses, which can generate employment.     IFC''s Role:    First, IFC is providing Tier II capital to BDO to increase its capital base in order to expand is operations and improve its capital structure.  Second, by providing the Partial Guarantee Facility, IFC is acting in a catalytic role by enabling the bank to increase the size and the maturity of its medium-tenor financing to middle-market companies, thereby assisting local, middle market companies to strengthen operations in an environment where most commercial banks are hesitant to lend due to rising NPLs.  With BDO being seen as a successful bank and by helping the middle market in this way, this facility may open doors for other Philippine banks to provide similar facilities, as they recognize the value of IFC involvement and credit due diligence.
Far East Bank and Trust Company Summary Of Project Information (SPI)       Project Name    Philippines - Far East Bank and Trust Company        Co-Financing Facility        Region    Asia      Sector   Project No008295   Projected Board DateJune 20, 1997   Company NameFar East Bank and Trust Company (FEBTC)   Technical Partner and/or Major Shareholders    	The project principal sponsor is FEBTC, a major bank holding company in Manila, Philippines.    Project Cost Including proposed IFC investment    	The total project cost is about US$75 million involving an IFC A Loan of US$25 million and a B Loan of US$50 million.    Location of project and Description of site    	Manila, Philippines    Description of Company and Purpose of Project    	With total assets equivalent to $4.7 billion as of December 31, 1996, FEBTC is the sixth largest domestic commercial bank in the Philippines.  The proposed credit line will provide US Dollar term financing to assist FEBTC in funding and developing its industrial and infrastructure project long term financing capabilities, thereby helping FEBTC to expand in a business area where its activity so far has been limited.    Environmental Category and Issues    	This is a Financial Intermediary (FI) category project according to IFCs environmental review procedure.  For revenant operations, FEBTC will be required to undertake an environmental review of eligible sub-borrowers environmental performance and each sub-borrowers compliance with the Filipino Government environmental, health and safety laws, regulations, and standards.  In addition, IFC will access FEBTCs capability to carry out environmental reviews.       Date SPI sent to PIC     May 15, 1997      For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 974-4384
CREI Phils Project The project consists of up to US$ 27.7 million loan from IFC, part of a syndicated debt facility of up to US$ 76.5 million arranged by IFC for CREI Phils (the Company), an independent tower company and Telecom Energy Service Company (TESCO) in  the Philippines.     The project is expected to support the much needed growth of mobile telecom services in the Philippines, delivering both growth in coverage and improvements in service quality. The Project is expected to result in (i) increased capacity of mobile networks through the construction of towers, to be shared under an open-access basis  in a country with significant gaps in quality of connectivity; and (ii) improved environmental sustainability by supporting the conversion from diesel power generation to more efficient, greener alternative tower power solutions. Beyond the Project, this investment could contribute to creating a market for tower colocation in the Philippines by supporting the expansion of one of the most competitive tower companies among the first entrants.
GEF Philippines Sustainable Energy Financing Program The Philippines Sustainable Energy Finance Project II ("Phils SEF II" or the "Project") supports the creation of a commercial financing market for sustainable energy (SE) projects in the Philippines.  This will assist the Philippines in improving energy security and economic productivity, and promoting private enterprise in the energy sector.  Phils SEF II will cover both Energy Efficiency (EE) and Renewable Energy (RE) projects.  It will focus on providing three to four local FIs with the support necessary to develop their own portfolio of SE projects.    The Program is designed to leverage IFCs capabilities and experience and donor resources to address those barriers, and will result in:    - improved access to financing for SE projects, which will continue beyond the support of IFC financial instruments and TA;    - growth and business development for private enterprises related to EE/RE projects;    - promotion of more sustainable development, with better use of natural resources and reduction in greenhouse gas emissions; and,    - assistance in correcting market imperfections, and a clearer regulatory environment that will further enable sustainable business development in EE and RE.    This program will support the National Government as it implements both its national energy efficiency and climate change mitigation campaigns.    This project uses $5.3 million of GEF funds to support advisory services ($2.3 million) and risk sharing ($3 million) for financial institutions. Where IFC invests in risk sharing facilities with specific financial institutions the sponsors and financing arrangements will be disclosed under separate SPIs. The Program contributes to the Philippines Country Assistance Strategy (CAS) of the World Bank and IFC by creating greater opportunities for FIs in financing investments with high growth potential and by implementing programs with high replicability in the areas of SE financing. The project will have an impact on emissions of greenhouse gases with an estimated direct environmental benefit of avoided CO2 emissions of 3.1 million tons.
Energy Dev II EDC is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company is an existing IFC client and is seeking long term, local currency financing to support their medium term capital expenditure program. Previously a state owned enterprise, IFC was a cornerstone equity investor investing $49M during its IPO in 2006.  The Company was fully privatized in December 2007.  IFC made a second investment providing the Company its first commercial long term loan for $86M in 2008. EDC is the largest company currently utilizing geothermal sources of energy in the Philippines, thus our support will provide critical additional resources of an appropriate tenor to help develop projects in the geothermal energy sector and thereby, help the country move toward greater reliance on private sources of growth in the renewable infrastructure sector. 
The investment also underpins IFCs key strategy of supporting climate change mitigation projects in emerging markets.
RCBC Short Term The proposed investment is part of IFCs effort to support Rizal Commercial Banking Corporation (RCBC or the Bank), an existing IFC client, to increase its capacity to lend to small and medium enterprises (SMEs). The proposed project will allow RCBC to expand the volume and maturity of its US$-denominated SME loan portfolio. The proposed project is also consistent with both IFCs Philippines and Financial Markets strategy of promoting an inclusive financial services industry by supporting lending to SMEs and micro-enterprises. 1.	Increased access to finance is indispensable to grow the competitiveness of SMEs. By directly financing the medium term US$ liquidity needs of local banks to support SME foreign currency requirements, the facility will support SMEs and will have a positive impact on economic activity in the country. 2.	Continuing to contribute to the strengthening of environmental and social management practices in the country''s banking system.
WCS COVID CARD The proposed project entails an IFC investment of up to PHP500 million (US$10 million equivalent) in a one-year, renewable senior loan) to CARD Bank Inc. (CARD Bank or the Bank) with at least 75 percent of the loan being targeted at women and women-owned businesses. The investment aims to support the Banks working capital lending program to its micro, small and medium clients impacted by Covid-19 (the Project).           The Project is expected to be supported by the Women Entrepreneurs Finance Initiative (We-Fi) in the form of a performance-based incentive (PBI) of up to 0.2% of the total project cost of PHP 500 million to incentivize on-lending of the proposed working capital loans to women and women-owned/women-led enterprises.  The estimated subsidy provided by We-Fi assumes that the Project will fully reach the agreed impact and shall only be paid out upon achievement of the pre-defined gender target. We-Fi is a multi-donor initiative to address barriers to financial access and provide related services that address public and private-sector constraints to women entrepreneurs and women-led SMEs across the developing world, thereby promoting jobs and boosting economic growth.      Further details and historical information on estimated subsidy levels in IFCs blended finance portfolio can be found at: www.ifc.org/blendedfinance. As is the case with all of IFCs blended concessional finance co-investments, this project has been assessed against the Enhanced Blended Concessional Finance Principles for DFI Private Sector Operations adopted by IFC and more than 20 other DFIs in 2017. Further information on these Enhanced Principles and IFCs blended finance approach and governance can also be found at:  http://www.ifc.org/blendedfinance . To support this increase in trade volumes at this most critical time, IFC is starting this support through existing clients while remaining open to engaging with other eligible financial institutions providing working capital in emerging markets. By supporting its clients' capacity to sustain operations during this acute shock, IFC best positions the private sector to support the economic recovery process, shortening the time it will take for the most vulnerable to return to their traditional income-earning opportunities. 

Project Outcome: By providing access to finance/liquidity to relevant stakeholders (emerging market financial institutions, and through them, their customers), the Project will support stakeholders' capacity to sustain operations and to expedite post-crisis recovery. The Project intends to provide up to PHP 500 million of liquidity to CARD Bank, which will then be on-lent to approximately 43,500 MSME clients.

Market Creation: By sustaining the ability to provide these services, IFC's facility is intended to promote jobs as well as broader stability that comes about by providing for the going concern of market participants in Philippines.
BPI SEF III IFC proposes to offer an enhanced Risk sharing facility (RSF) to Bank of the Philippines Islands (BPI) to continue to support the growth of its Sustainable Energy Finance (SEF) program focused on financing projects in Energy Efficiency (EE), Renewable Energy (RE).  BPI is an existing client and IFC has previously provided an RSF for the Banks SEF business. The proposed risk sharing facility from IFC will support the Bank''s sustainability agenda, promote increased lending to the vital energy sector and support energy efficiency. Specifically, expected development impacts will include:  - Contribute to the development and diversification of the financial sector by supporting a leading bank develop new markets and products in sustainable finance. - Through the demonstration effect from BPI, the project will support the mainstreaming of SEF among other commercial banks. - Contribute to reduced greenhouse gas emissions pollution through the expansion of investment in energy efficient and renewable energy technologies.
DCM CHIB Green International Finance Corporation (IFC) is considering an investment in a green bond of up to US$150 million to be issued by China Banking Corporation (China Bank or the Bank). Through the investment, IFC will support China Bank in raising long term funding for its lending program to qualifying green projects in the Philippines (the Project). Project Impact Assessment: - Stakeholders impact - IFC anticipates the project will provide up to US$150 million in long-term financing for climate-smart and environmentally friendly projects such as renewable energy, green buildings, energy efficiency, and water conservation and waste water treatment projects. Expected impact includes: i) increase in accessibility of financing for green projects to China Bank's customers; ii) improvement of China Bank's employees' skills related to climate change financing; and iii) provision of longer tenor funding and new instrument for China Bank to access capital markets. - Environmental and/or social impact - IFC anticipates the project will reduce CO2 emissions in the Philippines. The expected reduction on sub-borrowers' emissions and technical data on reductions in CO2 emissions will be collected and quantified through IFC's CAFI tool. Market Impact Assessment: IFC anticipates that the project will have the following market impacts: 1) it opens the market for climate finance and ultimately attracts more financial institutions into this space (competitiveness); and 2) it supports China Bank's contribution to the country's objective of tackling climate change challenges (sustainability) by adopting environmental sustainability principles and developing a new asset class that promotes greater market sustainability.
NHMFC Asset Sale The National Housing Mortgage Finance Corporation (NHMFC) has approached IFC seeking support for its May 2004 auction of non-performing housing loans. The sale portfolio, consisting of 55,000 mortgages, has an outstanding principal balance of ~PHP 13.5 billion (about $240 million), equivalent to about 32% of NHMFCs total portfolio of PHP42 billion ($750 million). The winning bidder of the May auction was Deutsche Bank Real Estate Global Opportunities Fund, a $360 million fund managed by Deutsche Bank.    Government agencies have dominated the low to medium-income housing sector in the Philippines, in both funding and origination. Because of resultant inefficiencies, and because of private banks focus on the medium to high end housing sector, there is significant unmet demand for low-income housing loans. The proposed transaction will be the first step in the Governments effort to restructure NHMFC and the housing finance sector itself, an initiative to which the authorities attach great importance.    The purpose of the project/investment is for IFC to provide funding for the following components:  -  assisting the purchase of the portfolio;  -  the subsequent resolution of the assets; and  -  the capitalization of the project-related entities (i.e., the Special Purpose Entity and the Servicer Company).
AYALA CORPORATION SOCIAL BOND Headquartered in Makati City, Philippines, Ayala Healthcare Holdings, Inc. (AC Health or the Company together with its the AC Health Subsidiaries, namely, HMC, Inc. doing business under the name and style of Healthway Medical (Healthway) and Zodiac Health Ventures, Inc. (the Cancer Hospital) shall be referred to as the AC Health Group) is a wholly-owned subsidiary of Ayala Corporation which is engaged in healthcare investments. Since 2015, the Company has invested in pharmacies, clinics, hospitals, as well as health technology, with an aim to address the unmet need for accessible, affordable and quality healthcare for all Filipinos.  The Company is planning to expand the footprint of Healthways primary care and multi-specialty clinics and to establish and develop a new cancer hospital; and Ayala Corporation (AC or the Sponsor) plans to refinance its investments in the Healthways primary care and multi-specialty clinics and in the Cancer Hospital and to support the AC Health Subsidiaries technology initiatives (the Project). At the Project level, the Project is expected to: (i) support the development of Environmental and Social ("E&S") initiatives across AC Health Group's investment portfolio in the Philippines; and (ii) create positive stakeholder and environmental effects. At the Market level, the Project will contribute to improved financial market integration by introducing the first social bond issuance in the Philippine real sector. The proposed Social Bond will provide a benchmark for similar issuances, and therefore, promote strengthened standards.