Manila, Philippines, February 9, 2012
—IFC, a member of the World Bank Group, is working with Philippine small and medium enterprises to incorporate integrity practices into their operations, which could increase their access to financing, expand market share, and cut costs.
A two-day workshop opens today at the World Bank offices in Ortigas Center, Pasig City, to equip small enterprises with the ability to deal with corruption, misconduct, and other ethical issues in business. Integrating integrity policies and practices into their business allows them to meet borrowing requirements, qualify to do business with larger organizations and be part of global supply chains.
During the workshop, IFC’s corporate governance, sustainability, and SME experts will share ideas and international best practices based on IFC’s SME Toolkit. The event also includes a dialogue with Philippine government officials tomorrow, February 10.
World Bank surveys in 29 countries indicate that small enterprises are more adversely affected by corruption than big ones, and that the majority of SMEs consider corruption a constraint to their business.
“There is strong evidence that good integrity performance can help small and medium enterprises save costs, access financial markets, and become accredited suppliers to large international buyers,” said Jesse Ang, IFC’s Resident Representative in the Philippines. “This is part of IFC’s initiatives in promoting good governance both in the private and public sectors to increase business competitiveness.”
IFC in the Philippines has been working with business groups to raise integrity standards in order to attract new investments for the private sector. The workshop is part of a series on business integrity which IFC is organizing in Kenya, Lebanon, Serbia and Colombia to help SMEs achieve long-term and sustainable growth .
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