Manila, Philippines, May 8, 2013
—IFC, a member of the World Bank Group, is helping the Philippines streamline its shipping services, which is expected to generate an annual increase in private sector investment of approximately $17million. The move will help reduce shipping costs for agribusinesses and small farmers, improve their market access, and make the shipping industry more competitive.
Secretary for Transportation and Communications Joseph Emilio Abaya and IFC Resident Representative Jesse Ang signed a cooperation agreement to make the shipment of agricultural goods and supplies faster and easier. The initiative will be implemented nationwide, beginning with ports with high volumes of agricultural cargo shipments in cities in Luzon and Mindanao.
“The department is committed to making transportation efficient, accessible, and affordable to local players, especially to domestic commercial smallholders in agriculture,” Abaya said. “We welcome the opportunity to work with IFC in laying the foundation for economic growth that benefits small market players and the Filipino consumers.”
Ang said the agreement demonstrates IFC’s confidence in the department and its agencies – the Maritime Industry Authority and the Philippine Ports Authority – to undertake shipping and port reforms.
“IFC supports the department in improving regulations and harmonizing procedures to ensure a level-playing field and make domestic shipping services more competitive,” he said. “This will help farmers and agribusinesses take advantage of market opportunities and raise rural incomes.”
The partnership between IFC and the department is supported by the Canadian International Development Agency.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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