Discovery World (IFC-37715)

Countries
  • Philippines
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
DISCOVERY WORLD CORPORATION
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 13.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 19, 2018

Disclosed by Bank Nov 22, 2017


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Project Description

According to IFC's website:

The proposed investment is to Discovery World Corporation (the “Company”), a company established in 1993, and listed in the Philippine Stock Exchange in 2013. The Company is primarily engaged in development and operations of hotel and resorts in the Philippines.

The Project involves the construction and development of two new hotel projects in two different sites, a 117 room hotel and 84-bed hostel, with commercial area and beach club in El Nido, Palawan and a hotel and commercial development in La Trinidad, Benguet with at least 127 rooms. The proceeds of the IFC investment will finance the construction, fit out and other costs related to the construction of these two hotel projects.

 

Investment Description
  • International Finance Corporation (IFC)

The total project cost is estimated at US$65 million. IFC’s proposed investment to the Company consists of convertible preferred shares of up to US$13 million, to be disbursed in Philippine Pesos.

Private Actors

The project sponsor is the Tiu Family, through their holding company JTKC Equities Inc and hotel management company The Discovery Leisure Company, Inc., which own 48.32% and 24.82% of the Company, respectively. The Family has a long history in the construction and operations of apartment-hotels in the Central Business Districts of Metro Manila and have other business interests in the field of real estate, construction materials, mining and financial services. These are local companies owned and controlled by the Tiu Family. The two new hotel projects are housed under two companies Cay Islands Corp. (for El Nido) and Sonoran Corporation (for La Trinidad), both 100% owned by the Company.

Contact Information

Discovery World Corporation
Rupert C. Sykat
Vice-President for Project Development
(632) 519 5674 to 79
rupert.sykat@jtkc.com.ph
4/F JTKC Centre
www.discovery.com.ph

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/