TCG was formed in 2007 to own four operational companies: i) Cravings Food Services Inc. (“Cravings”), ii) Innkeepers Inc. (“Innkeepers”), iii) CNA Culinary Services Inc. (CCA Manila), and iv) CHAMP which operates ASHA. TCG is a sizeable business group with about 650 employees across its array of related industries namely: (i) Food Service and Manufacturing through Cravings, ii) Hotel Operations through Innkeepers, and iii) Education thru CCA Manila and ASHA. The group’s operations started when Cravings Bakeshop was established in 1989. TCG is owned by the project sponsors Ms. Susana Guerrero (40%), her daughter, Ms. Marinela Trinidad (30%) and her son-in-law, Mr. Frederick Trinidad (30%). Ms. Susana Guerrero is Chairman of the Company, Ms. Marinela Trinidad is Group Treasurer and Vice-President, and Mr. Frederick Trinidad sits as Non-Executive Director.

The proposed IFC investment is an A loan of up to Php 690 million for IFC’s own account.

23.74 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.83
Equity	7.91

* These investment figures are indicative

The Asian School of Hospitality Arts (“ASHA”) operates a chain of education and training. The IFC loan is to fund – the expansion of existing school facilities in a) Barangay Sta. Cruz, Sumulong Highway, Antipolo City, and b) 28 Kamias Road, Barangay West Kamias, Quezon City; and the establishment of new campuses in a) Pampanga, b) Naga, c) Cebu, and d) Taguig.

i) Increase access to specialized technical vocational education & training (TVET) or higher education for lower to middle income students in regions not well served by post-secondary education and in fields closely linked to employment needs in Philippines and globally; (ii) Employment generation in the six project locations; (iii) Immediate employment opportunities for graduates; and (iv) Opportunity for students and workers to continuously upgrade skills

i) Sharing of global knowledge and networks; ii) Technical expertise (particularly on global benchmarking and best practices) and structuring experience from various education projects across the world; iii) Provision of long-term local currency financing to an underbanked and underinvested sector; and iv) Long-term partnership

The project has been categorized as Category B according to IFC’s Environmental and Social Review Procedure. The nature of ASHA’s operations, which involve the provision of educational services, is such that adverse E&S impacts are minimal. Key environmental, social, health and safety impacts associated with the Project during construction and operation include: the sponsor’s system to manage E&S issues during construction and operation of schools; land acquisition issues at campus sites; labor and working conditions; community and staff occupational health and safety issues; life and fire safety design and provisions; management and minimization of air, water and solid pollutants during construction and operation; energy and water usage efficiency; and community engagement.

The project may result in a limited number of specific adverse environmental and social impacts that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. ASHA will manage its environmental and social performance in accordance with applicable local laws and regulations and international standards, including IFC’s Performance Standards on Social and Environmental Sustainability and IFC''s Environmental, Health and Safety General Guidelines.