WASHINGTON, D.C., Oct. 5, -- The International Finance Corporation (IFC) has committed a US$25 million line of credit to All Asia Capital and Trust Corporation, a financial services company in the Philippines. The company will use the financing to provide long-term loans and leases of up to US$5 million to Philippine businesses. The loan agreement was signed today by Mr. Jannik Lindbaek, Executive Vice President of IFC and Mr. Roland Young, Chief Executive of All Asia Capital and Trust Corporation. Secretary of Finance Roberto de Ocampo and Central Bank Governor Gabriel Singson emphasized the importance of the facility to Philippine business as it is being made available at competitive rates and at a longer maturity than similar foreign currency loans. All Asia Capital and Trust Corporation was established with IFC assistance in 1979. It provides loan and lease financing, investment banking, stock brokerage, consumer finance, property investment, trust, and insurance services. The sponsors are a group of five
leading Philippine companies, Land Bank of the Philippines, Rockefeller and Company, Korea Merchant Banking Corporation, and IFC, which owns 10 percent of All Asia Capital and Trust Corporation. Mr. Varel Freeman, Director of IFC's Asia Department, said, "The recent growth of the Philippine economy and the improvement in the power supply have given rise to a strong demand for long-term funding by Philippine enterprises. The IFC line of credit, with its ten year maturity, will directly address this need." IFC is also assisting All Asia Capital and Trust Corporation with diversifying into new areas of operation and transforming itself into a leading financial institution in the Philippines. IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
