MANILA, THE PHILIPPINES, JUNE 9, 2015
—IFC, a member of the World Bank Group, has invested 722 million Philippine peso ($16 million) for an equity stake in TCG Holdings Inc. to help the company expand vocational training for hospitality and culinary workers to boost their employability. The deal will also help TCG set up coffee and cacao farms in Bukidnon, Mindanao, which will provide jobs for local farmers and support the company’s growing chain of coffee shops and food retail businesses.
TCG provides vocational training courses via the Asian School of Hospitality Arts and the Center for Culinary Arts. The two schools have graduated more than 14,000 students since 2011 and the company expects to double the number of graduates over the next five years.
“The company values IFC’s support in accelerating our growth at a time when the strong economy has opened the doors for industries where Filipinos could excel,” said TCG CEO Marinela Trinidad. “IFC’s values align with our own commitment to serving marginalized sectors and embracing environmental sustainability, for example, through the provision of organic foods.”
TCG has interests in the Cravings chain of restaurants and bakeries; the C2 brand, which serves Filipino dishes; The Coffee Beanery chain of coffee retail outlets; boutique and business hotels; and vocational and higher educational institutions through the Asian School of Hospitality Arts and the Center for Culinary Arts.
“TCG has made a strong contribution to empowering women,” said IFC Philippines Country Manager Jane Xu. “The company is founded and managed by women entrepreneurs and the great majority of its training schools’ students are women. Many of them come from low-income families who now enjoy better employment prospects in the hospitality industry, one of the fastest-growing sectors of the Philippine economy.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit