According to IFC website, the project entails an IFC investment of up to PHP500 million (US$10 million equivalent) in a one-year, renewable senior loan) to CARD Bank Inc. (CARD Bank) with at least 75 percent of the loan being targeted at women and women-owned businesses. The investment aims to support the Bank’s working capital lending program to its micro, small and medium clients impacted by Covid-19 (the Project).
CARD Bank, Inc. was set up in September 1997 and is now one of the largest microfinance institutions in the Philippines with a customer base of around three million clients, of which around 90% are women. CARD Bank offers a range of products for micro-entrepreneurs such as savings and loan products and micro-insurance through a distribution network of 96 branches and 821 office units/service units throughout the country as of June 2020. CARD Bank, Inc. is part of the CARD – Mutually Reinforcing Group (“CARD MRI”), a group of companies organized with a common goal of eradicating poverty in the Philippines.
CARD Bank Inc.
Marivic M. Austria
President and CEO
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
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