Summary of Proposed Investment
Project Number
8915
Company Name
BANK OF THE PHILIPPINE ISLANDS
Date SPI Disclosed
Feb 9, 1998
Country
Philippines
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Apr 9, 1998
Signed : Mar 2, 1999
Invested : Jul 12, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Philippines-Far East Bank and Trust Company |
| Co-Financing Facility II |
| Region | Asia |
Sector
Project No008915
Projected Board DateMarch 19, 1998
Company NameFar East Bank and Trust Company (FEBTC)
Technical Partner and/or Major Shareholders
The principal project sponsor is FEBTC, a major bank holding company in Manila, Philippines.
Project Cost Including proposed IFC investment
The total project cost is about US$60 million involving an IFC A Loan of US$45 million and a B Loan of US$15 million.
Location of project and Description of site
Manila, Philippines
Description of Company and Purpose of Project
With total assets equivalent to $3.8 billion as of December 31, 1997, 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 complementing the maturities of its US Dollar assets and liabilities. Extending this second credit line will signal to the market IFC’s support of FEBTC and the Philippine banking sector, which would be crucial to restoring investor confidence during present times of regional turmoil.
Environmental Category and Issues
This is a category FI project according to IFC’s environmental review procedures. FEBTC has committed to establishing an environmental management system that will ensure that investments are consistent with applicable host country environmental laws and regulations as well as applicable World Bank environmental, health and safety guidelines and policies; designating appropriate individuals who will have responsibility for environment; attending IFC’s environmental management workshops; ensuring that category A projects are cleared by IFC’s Environment Division; and submitting an annual environmental performance report. Senior Officers and account managers of FEBTC have participated in IFC’s introductory environmental management workshop. FEBTC must confirm that the individuals trained continue to have responsibility for environmental issues, and provide written documentation of their environmental policy and procedures.
| Date SPI sent to PIC | February 9, 1998 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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