IFC partners with the Center for Agriculture and Rural Development Insurance Agency and the Pioneer Insurance and Surety Corporation to design new insurance products that aim to protect Filipino farmers against typhoon-related losses.
Only three in 10 people in developing countries in East Asia and the Pacific save money in banks, a World Bank study shows. But mobile phones are now changing the way low-income households and rural entrepreneurs keep, send, and receive money.
IFC's Advisory Services in East Asia and the Pacific
The global financial crisis has pushed 14 million more people into poverty in EastAsia and the Pacific. While this region is withstanding the downturn better than others, sustainable recovery will depend largely on goods and services sold at home rather than abroad. To support a shift from East Asia’s export-driven economies to domestic growth, IFC backs microfinance initiatives, helps governments simplify business regulations, and supports domestic companies in improving their corporate governance and competitiveness. We also teach farmers to adopt sustainable farming practices and support the tourism industry in the Pacific Islands.
IFC focuses on the poorest countries and regions when tackling four strategic goals: creating inclusive rural growth, supporting urban and domestic-led growth, fostering competitive markets, and fighting climate change. Two of the world’s three largest greenhouse-gas emitters—China and Indonesia—are located in EastAsia. IFC therefore puts a strong emphasis on advising banks and other companies on how to direct funds to climate-friendly projects.
We continued to create more business opportunities for the poor. IFC helped establish credit bureaus in Cambodia, Papua New Guinea, Tonga, and Vanuatu. We spent more than $28 million on our advisory projects, almost 6 percent more than in fiscal year 2011.