The International Finance Corporation (IFC), a US-based development finance institution, recently announced an equity investment of PHP 650 million (USD 14.4 million) in Philippine Resources Savings Banking Corporation (PR Savings Bank), a rural commercial bank based in Cauayan City in the Philippines. The size of the stake now held by IFC has not been disclosed. PR Savings Bank president and chief executive officer, Roberto Alingog, reportedly said this investment would help the bank expand its lending to small and medium-sized enterprises in rural areas of the country [1].
As of 2010, PR Savings Bank had 92 banking offices in the Philippines and reported total assets of around PHP 6 Billion (USD 137 million) and total loan portfolio of PHP 5 Billion (USD 114 million). Further financial information for PR Savings Bank is not available. IFC has 182 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.
By Juan Blanco, Research Associate
About Philippine Resources Savings Banking Corporation (PR Savings Bank)
The Philippine Resources Savings Banking Corporation is a rural commercial bank based in Cauayan City, Philippines, that was founded in 1977. It offers deposits and loans for rural small and medium-sized enterprises. It operates 92 banking offices and as of 2010, it reported total assets of around PHP 6 billion (USD 137 million) and total loan portfolio of PHP 5 billion (USD 114 Million). PR Savings does not report to the US-based nonprofit Microfinance Information Exchange (MIX).
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the US-based World Bank Group, 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. The IFC has 182 member countries and reported total assets of USD 77.5 billion and return on assets (ROA) of 1.3 percent as of fiscal year-end 2013.
[1] Philippine Daily Inquirer: “IFC Investing P650 M in PR Savings Bank” by Doris C. Dumlao, March, 21 2014. http://business.inquirer.net/166663/ifc-investing-p650-m-in-pr-savings-bank
[2] International Finance Corporation (IFC) “Summary of Proposed Investment” http://ifcext.ifc.org/ifcext/spiwebsite1.nsf/DocsByUNIDForPrint/42BC3A69568532ED85257B200066F0F3?opendocument
MicroCapital Story, March 2, 2014, “Bandhan of India Borrows $26m From International Finance Corporation (IFC), Seeks $16m From Swiss Investor,” https://www.microcapital.org/microcapital-brief-bandhan-of-india-borrows-26m-from-international-finance-corporation-ifc-seeks-16m-from-swiss-investor/
MicroCapital Story, January 27, 2014, “International Finance Corporation (IFC) to Loan $150m to Yes Bank of India for On-lending to Women-Owned Micro-, Small, Medium-Sized Enterprises (MSMEs),” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-loan-150m-to-yes-bank-of-india-for-on-lending-to-women-owned-micro-small-medium-sized-enterprises-msmes/
MicroCapital Story, November 21, 2013, “International Finance Corporation (IFC) Loans $31m to Fullerton Credit to Support Small, Medium-Sized Enterprises (SMEs) in China,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-loans-31m-to-fullerton-credit-to-support-small-medium-sized-enterprises-smes-in-china/
MicroCapital Universe Profile: Philippine Resources Savings Banking Corporation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Philippine+Resources+Savings+Banking+Corporation+%28PR+Savings+Bank%29
MicroCapital Universe Profile: International Finance Corporation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation
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