24131 - Filinvest Land

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Summary of Proposed Investment

Project Number

24131

Company Name

FILINVEST LAND, INC.

Date SPI Disclosed

Mar 17, 2005

Country

Philippines

Industry

Financial Markets

Projected Board Date

Apr 30, 2005

Status

Completed

Sector

Primary Mortgage Institutions

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 10, 2005
Signed : Jun 23, 2005
Invested : Oct 21, 2005

Project Description

The proposed project comprises a long term local currency loan of about $40 million equivalent to Filinvest Land Incorporated (FLI, or the company) for extending mortgages to the affordable and middle income segments of the population that are unable to access bank financing. FLI is one of the largest Philippine residential real estate developers, offering a wide range of products from socialized and affordable housing to middle-income and high-end housing to various types of subdivision lots. FLI’s residential real estate activities cover the acquisition of raw land, the horizontal development of such land into residential subdivisions, the sale of subdivision lots, the construction and sale of housing units, and the provision of mortgage financing to its customers. FLI has an extensive landbank of approximately 2,400 hectares across the Philippines, which it estimates would support its project development activities for the next five to ten years.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	39.98
Equity

Development Impact

The project is envisioned to have multiple developmental impacts: - it will increase the availability of housing finance in the Philippines, particularly to the lower middle class where there is greatest need, - it will strengthen and support a reputed building and housing finance company in expanding operations by providing it with long-term local currency funding that is otherwise limited in availability, and - it will contribute to the development of a robust primary mortgage market in the Philippines. IFC’s role in this project is to: - provide long-term peso financing that is otherwise not adequately available, - signal support for the lower middle class segment of the mortgage market that is not catered to by the banks, and - arrange for technical assistance to strengthen FLI’s loan portfolio management capabilities.

This is a category FI Type 2 project according to IFC''s environmental and social review procedure. FLI will participate in IFC''s environmental management workshop and implement an environmental management system to ensure that its real estate development activities are consistent with applicable Philippine environmental and social standards and World Bank Group environmental, health, safety, and social policies and guidelines. FLI will submit to IFC annual environmental performance reports, and obtain clearance from IFC for any category A sub-project.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Mr. Joseph Yap President & COO Address: 173 P. Gomez Street, San Juan, Metro Manila, Philippines 1500 Telephone: (632) 721 5622 Fax Number: (632) 722 4797 Email: joseph.yap@filinvestgroup.com

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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