Voyager (IFC-40681)

Countries
  • Philippines
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 16, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
VOYAGER INNOVATIONS, INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 9, 2019

Disclosed by Bank Sep 25, 2018

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Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, IFC is seeking to invest in Voyager to support the growth of its financial service unit, Paymaya, which operates a mobile money platform, domestic remittance network, and merchant acquiring business in the Philippines.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

i. Access to and Usage of Transaction Accounts: The project will support the roll-out of a mobile wallet that allows users to carry out financial transactions, including domestic remittances, bill payment, airtime load, etc., on their phones in a cost efficient and convenient manner, thereby deepening financial access for the population
ii. Integration - IFC anticipates that the project will result in significant market integration by linking mobile wallet users to a growing array of digital financial and non-financial services, including e-commerce. Voyager's open-loop approach allows for interoperability of transactions and provides access to both traditional and digital accounts, integrating its users into the digital economy.
iii. Competitiveness - As a leading innovator in the market, Voyager will foster competitiveness in the financial sector by triggering changes in the market through the use of its low-cost, open-loop payment platform, which will push its competitors to innovate and offer new products and services at lower costs.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Voyager Innovations Holdings, Pte. Ltd is 100%-owned by PLDT, Inc., a listed entity, through its subsidiary PLDT Communications and Energy Ventures, Inc.                                


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Nick Bautista Wilwayco
Head for PR and Communications, Voyager Innovations 
Email Address: pr@voyagerinnovation.com
Office Address: 9F Launchpad Building 9 Sheridan Street, Mandaluyong City, Metro Manila

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/

How it works

How it works