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LAND BANK OF THE PHILIPPINESISO 14001 Certified
Perspective of a Veteran Financial Agent - Operational and Financial Lessons to Keep in Mind When Launching New HCFC Phase-out Projects(A LANDBANK Experience)
15th Annual Financial Agents WorkshopWorld Bank HQ, Washington DC, U.S.A. / March 30 – April 1, 2011
MS. CECILIA C. BORROMEOExecutive Vice President
Institutional Banking and Subsidiaries Sector
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OUTLINE
I. Country Profile
II. Financial Agent’s Profile
III. Overview and Accomplishments on the ODS Phase-out Project
IV. Experiences and Lessons Learned
V. Conclusion / Recommendations
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COUNTRY PROFILE: THE PHILIPPINES
Republic of the Philippines
Location : Southeast AsiaCapital : ManilaLand Area : 115,830 sq. milesPopulation : 101 milionGDP: US$351.2 B (est. 2010)
14.8% - Agriculture Sector30.2% - Industrial Sector55.0% - Services Sector
Photo credits: www.skylighthotelpalawan.com, www.worldtourismplace.com, www.destination360.com
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FINANCIAL AGENT’S PROFILE: LAND BANK OF THE PHILIPPINES
Ownership 100% National Government
Principal depository of the Philippine government
Total Assets(as of December 2010)
US$ 13.0 B
Industry Ranking(as of December 2010)
4th largest bank in the Philippines
Manpower Complement (as of 31 December 2010)
7,187
Reach and Network (as of 31 December 2010)
Covers 80 out of 81 provinces with 326 Branches/Bank Units
International Standard Certifications
ISO 14001:2004 Environmental Management System (EMS)
ISO 9001:2000 Quality Management System (QMS)
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FINANCIAL AGENT’S PROFILE: LAND BANK OF THE PHILIPPINES
Credit Ratings:Fitch Ratings(as of 13 December 2010)
Individual Rating C/DSupport Rating 3Support Rating Floor BB-
Moody’s Investors Service(as of 1 March 2011)
Bank Financial Strength Rating
D-
Bank Deposits-Foreign Currency
Ba3/NP
Bank Deposits-Domestic Currency
Ba1/NP
LAND BANK OF THE PHILIPPINESISO 14001 Certified SMEs
Large CorporatesMiddle Markets
Other Banks
State Universities and Colleges
Small Farmers and Fisherfolk Homebuyers
Overseas Filipino Workers (OFWs)
Multilateral and Bilateral
Agencies
The LANDBANK Clients
FINANCIAL AGENT’S PROFILE: LAND BANK OF THE PHILIPPINES
Government Agencies and
GOCCs
NFA
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Overview of LANDBANK’s Participation in the ODS Phaseout Project
• Co-implementer of the investment projects in manufacturing sector (large enterprise)
• FI for Non-investment projects:•Workshop on Phase-out and Alternatives to Carbon Tetrachloride (CTC) Technology
•DENR and Financial Intermediary Technical Assistance for Institutional Strengthening
• Co-implementer of the investment projects in manufacturing sector and disbursing agent for the servicing sector under the NCPP (SMEs and service shops)
•FI for Non-investment projects:•Institutional Strengthening Project
•DENR and Financial Intermediary Technical Assistance
• Methyl Bromide Phase-out Strategy
20102003
Phase 1 Phase 2
1994 2000
Montreal Protocol commitment
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PHASE I (Manufacturing Sector)
No. of Enterprise
ODP(MT)
11 898PHASE II
(Manufacturing and Servicing Sectors)
No. of Enterprise
ODP (MT)
6 137No. of
Service Shops
ODP (MT)
2,294 1,528
ACCOMPLISHMENTS: As co-implementing agency, contributed to the phase out of a total of 2,563 ODP MTLANDBANK Assistance to the sub-projects:
Conduct appraisal Supervise procurement and
implementation Ensure environmental compliance Provide financing options Conduct monitoring and reporting
Serve as the disbursing agent for the servicing sector’s voucher system
Overview of LANDBANK’s Participation in the ODS Phaseout Project
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Project Component
Allocation (in US$ ‘000)
Amount Disbursed (in US$ ‘000)
% Util.
ODS Phaseout Investment Project (Phase I)
10,154 10,154 100
National CFC Phase-out Plan
10,575 7,355 70
Methyl Bromide Phase-out Strategy
330 300 100
Institutional Strengthening Project (Phases 1 to 7)
1,106 1,048 95
LBP Technical Assistance
200 182 91
TOTAL $ 22,365 $ 19,039 85
As Financial Intermediary, LANDBANK:
• Effectively managed a total of US$22.37M grant fund
• Consistently passed financial audit conducted by WB & the government
• Complied with WB & government requirements in the disbursement of grant funds
ACCOMPLISHMENTS:
Overview of LANDBANK’s Participation in the ODS Phaseout Project
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On institutional strengthening:
• Pioneered the development of the Operating Policy Guidelines for ODS phaseout projects
• Established the framework of implementation within the LANDBANK system (e.g. structure, policies, procedures, etc.)
• Established and continually capacitated a project management team
ACCOMPLISHMENTS:
Overview of LANDBANK’s Participation in the ODS Phaseout Project
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EXPERIENCES AND LESSONS LEARNED
On the phase-out of ODS in large corporations85% of the identified large corporations participated and completed the sub-project
Success factors:Structured management teamGood practice on record keeping/documentationHealthy financial conditionExisting client of LANDBANKTechnical support from DENRWith corporate social responsibility
Identified Barriers:Unwillingness to participate due to tedious process/requirements
Phase I - ODS Phase-out in Manufacturing Sector (Large Companies)
13
11
0
2
4
6
8
10
12
14
Enterprises Identif ied /Appraised
Enterprises Implemented
Nu
mb
er o
f en
terp
rise
s
890
895
900
905
910
915
OD
P M
T
No. of enterprises ODP
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EXPERIENCES AND LESSONS LEARNED
On the phase-out of ODS in SMEsOnly 16% of the identified SMEs participated and completed the sub-project
Identified barriers: Unwillingness to participate due to tedious process/requirementsLess structured management team Poor practice on record keeping/documentationNo financial capacity to fund equityEvade working with government due to issues on permits and taxation
Success factor:Assistance provided by LANDBANK to the enterprisesTechnical support from DENR
Phase II - ODS Phase-out in the Manufacturing Sector (SME)
37
14
97 6
0
5
10
15
20
25
30
35
40
Identif ied Signif iedInterest
Appraised Signed SGA Completed
Nu
mb
er o
f en
terp
rise
s
0
50
100
150
200
250
300
350
400
450
OD
P M
T
No. of enterprises ODP
37%24%
18% 16%
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EXPERIENCES AND LESSONS LEARNED
On the Impact of Government / DENR Regulations in the ODS Phaseout
• Enterprises who did not participate in the investment project implemented their own phase out activity to comply with regulations
• Most of the enterprises (under Phase II) have started or already phased out ODS before the signing of the sub-project grant agreement
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The full cooperation of concerned government agencies such as the DENR, LANDBANK, and other project partners, contributed to the over-all success of the project.
In designing new projects, revisit the peculiarity of the strategies to phase out ODS in large, medium and small manufacturing firms as well as in service shops by learning from the completed projects.
Also, the scheme in providing grant assistance and the government’s regulatory framework are very important considerations in designing new projects.
CONCLUSION
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RECOMMENDATIONS
On Appraisal
Diligently complete conduct of appraisal on key aspects of the project activity (i.e., financial, environmental, social, etc.) to establish the capability of the enterprise and ensure the sustainability of the sub-project
On project implementation
• Importance of a well-defined schedule of implementation and completion date to ensure the enterprise’s accomplishment of the sub-project on time.
• Need to have a venue and mechanism for coordination among project implementers/participants to ensure common understanding and direction
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On the selection of partners/co-implementers for the HPMP
• Readiness of partners/co-implementers is key to smooth project implementation
• Experienced and capable partners/co-implementers will contribute to successful implementation of the HPMP
RECOMMENDATIONS
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