BSP Has $208 M of Portfolio under Management of WB

Article excerpt

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has $208 million of allocated portfolio with the World Bank as of the end of the third quarter, documents show.

The performance of the BSP funds with the World Bank, as reported, also continue to improve.

At end-June for example, the market value of the portfolio being managed by the World Bank increased by $6.2 million from its initial principal value of $200 million in March 2009.

The gross income of $6.2 million came from interest income and $2-million net realized capital appreciation.

The Philippines has been a member of the World Bank since 1945. The international financing agency, which provides loans to its members and assist in capital investments and programs, has 186 members.

For the next three years or up to 2012, the World Bank assistance for the Philippines has been programmed between $700 million to $1 billion per year. Its investment unit the International Finance Corp. would also be providing up to $300-million loans per year.

The World Bank assistance strategy was mainly to provide support for poverty reduction and for the country's macroeconomic stability. …