Manila, Philippines, July 16, 2012—
IFC, a member of the World Bank Group, signed a Memorandum of Understanding with Mandaluyong City in metropolitan Manila to develop building regulations that will help reduce greenhouse-gas emissions and mitigate the impact of climate change in the Philippines.
During a public ceremony held at the Mandaluyong City Hall, Mayor Benhur Abalos affirmed the city’s commitment to work with IFC toward drafting a green building ordinance that will require new buildings in the city to include environmentally friendly features in their design, construction, and operation. These features will promote more efficient use of energy, water, and construction materials and better waste management.
“With rising power rates and increased frequency of destructive typhoons coming our way, Mandaluyong is called upon to take the lead in green building initiatives,” Abalos said. “This project will eventually help all of us in adapting to the impact of climate change as well as in reducing the city’s operational costs. We are encouraged that IFC is providing its expertise, global network, and assistance to this program.”
IFC will help Mandaluyong build local capacity and promote public awareness of green building for local regulators, developers, and other stakeholders. The city’s own buildings and offices will adopt green features to demonstrate the financial viability of environment-friendly construction.
A study by the Philippine Department of Energy said commercial and residential buildings consumed more than 35 million megawatt hours of electricity in 2010, accounting for about 50 percent of the country’s total electricity supplied from the grid.
“Mandaluyong’s leadership in green building regulations takes to the next level its partnership with IFC in policy reform, building on the success of our collaboration in the regulatory simplification of business licensing and registration,” said Jesse Ang, IFC’s Resident Representative in the Philippines. “This green building initiative will help attract environmentally responsible businesses to the city and make it a healthier and safer place to live and work in.”
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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