Masbate is one of the poorest parts of the Philippines. For years, less than half its people had access to electricity.
Fisherman Abel Motita was used to living in darkness. But now he and his family walk safely at night. His children do schoolwork at home without using kerosene lamps.
The change came in 2007, when IFC advisors helped the government attract Philippine company DMCI Holdings to improve off-grid power infrastructure and deliver uninterrupted electricity. DMCI has since invested roughly $23 million—increasing the remote island’s power capacity from 8MW to 13MW while cutting power generation costs by half.
Improved access to power is a clear development imperative for the Philippines. It lights up schools, homes, and hospitals; improves safety; and helps fishermen like Abel build their businesses—powering the refrigerators they need to store their catch and get it to market.
Since 2004, IFC has been the largest multilateral to facilitate private sector investment in improving power generation in the Philippines—just one part of our $7 billion global power portfolio.