MICROCAPITAL BRIEF: International Finance Corporation (IFC), BPI Globe BanKO to Develop Sustainable Energy Project for Microfinance Institutions in the Philippines

The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has partnered with mobile-oriented Philippine bank BPI Globe BanKO “to develop microfinance that would help smaller businesses afford clean energy and energy-saving systems.” The two-year program is intended to provide loans for investments that decrease energy costs and improve profitability for small businesses.

As of 2011, BPI Globe BanKO had authorized capital of PHP 1.8 billion (USD 40.9 million) and served approximately 340,000 microfinance institutions and micro- and small businesses. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.

By Brendan Millan, Research Associate

About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.

About BPI Globe BanKO: BPI Globe BanKO is a joint venture between Ayala Corporation, a Philippine conglomerate; Bank of the Philippine Islands (BPI), a commercial bank; and Globe Telecom Incorporated, a telecommunications provider. BPI Globe BanKO is based in San Juan, Philippines, and offers loans and savings services to individual clients and microfinance institutions (MFIs). As of 2011, BPI Globe BanKO had authorized capital of PHP 1.8 billion (USD 40.9 million) and served approximately 340,000 microfinance institutions and micro- and small businesses.

Sources and Resources:

[1] International Finance Corporation: “IFC Partners with Philippine Bank to Develop Microfinance for Sustainable Energy Projects” by Art Cariaga. http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/62315F6886E3A899852579F900186CDE?OpenDocument

MicroCapital.org story, April 11, 2012, “MICROCAPITAL BRIEF: Lower Tax Rate Proposed for Microfinance Institutions in Philippines”, https://www.microcapital.org/microcapital-brief-lower-tax-rate-proposed-for-microfinance-institutions-in-philippines/

MicroCapital.org story, March 1, 2012, “MICROCAPITAL BRIEF: Philippine Government Promotes Microinsurance with Support from Asian Development Bank”, https://www.microcapital.org/microcapital-brief-philippine-government-promote-microinsurance-with-support-from-asian-development-bank-adb/

MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29#Description_

MicroCapital Universe Profile: BPI Globe BanKO, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BPI+Globe+BanKO

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/