According to IFC website, IFC will support China Bank in raising long term funding for its lending program to qualifying green projects in the Philippines. Further, IFC anticipates the project will provide up to US$150 million in long-term financing for climate-smart and environmentally friendly projects such as renewable energy, green buildings, energy efficiency, and water conservation and waste water treatment projects. 

Project Impact Assessment: - Stakeholders impact - IFC anticipates the project will provide up to US$150 million in long-term financing for climate-smart and environmentally friendly projects such as renewable energy, green buildings, energy efficiency, and water conservation and waste water treatment projects. Expected impact includes: i) increase in accessibility of financing for green projects to China Bank's customers; ii) improvement of China Bank's employees' skills related to climate change financing; and iii) provision of longer tenor funding and new instrument for China Bank to access capital markets. - Environmental and/or social impact - IFC anticipates the project will reduce CO2 emissions in the Philippines. The expected reduction on sub-borrowers' emissions and technical data on reductions in CO2 emissions will be collected and quantified through IFC's CAFI tool. Market Impact Assessment: IFC anticipates that the project will have the following market impacts: 1) it opens the market for climate finance and ultimately attracts more financial institutions into this space (competitiveness); and 2) it supports China Bank's contribution to the country's objective of tackling climate change challenges (sustainability) by adopting environmental sustainability principles and developing a new asset class that promotes greater market sustainability.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

China Banking Corporation
Mr. Ryan Martin L. Tapia
President of China Bank Capital Corporation
+632-230-6602
rmltapia@chinabank.ph
28/F BDO Equitable Tower, 8751 Paseo de Roxas, Makati City 1226, Philippines
www.chinabank.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/