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| IFC-PLGIC press release |
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| IFC invests in Philippine Insurance sector |
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Manila, October 27, 2004 -- The International Finance Corporation (IFC) signed an agreement today for an initial, US$1.5 million, quasi-equity investment in a holding company which will be created by Paramount Life & General Insurance Corporation ("PLGIC" or the "Company"). PLGIC is a Filipino-owned insurance company with a composite license issued by the Insurance Commission of the Philippines to engage in both life and non-life insurance businesses. Its principal shareholders include the Go family, the Chu family from Cebu and the Tahija family from Indonesia. |
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| The Company's strategic vision is to become one of the top insurance companies in the country over the next few years. The IFC investment would enable the Company to continue its industry "consolidator" role to seize opportunities in the current global downturn in the industry to acquire Philippine operations of retreating international insurers, as well as, domestic companies. |
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| At the signing in Manila, Mr. Peter Woicke, IFC's Executive Vice President, remarked: "We are pleased to be a partner in this well-managed domestic insurance company. Through this investment, IFC will help Paramount expand and fortify its business operations as well as allow it to finance strategic acquisitions. It will support the Government's efforts to promote healthy industry consolidation to the benefit of consumers." |
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| Mr. Patrick L. Go, Chief Executive Officer, commented: "The IFC partnership will provide critical support for our Company to distinguish itself, and to further strengthen our financial resources to continue its path of combined internal and external growth." |
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| The Company was founded in 1950 by Mr. Daniel C. Go, the father of the present CEO, Mr. Patrick L. Go and Vice Chairman, Ms. Rosanna L. Go. PLGIC has 27 branch offices in Metro Manila and throughout the Philippine archipelago. The Company has focused its business principally on personal lines and on small-medium enterprises in the provincial areas outside the Philippines' major urban centers. |
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| For more than 40 years, IFC has demonstrated a strong commitment to promoting private sector development in the Philippines. In its fiscal year that ended June 2004, IFC committed $90 million in loans and equity to five investments. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications. |
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| The mission of IFC (www.ifc.org) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. |
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