BDC asked to review proposed P1.1bn investments

The Parliamentary Committee on Statutory Bodies and State Enterprises declared this week their dissatisfaction with investments that the corporation intends to undertake with the funds, adding that they should rather consider developing niche sectors that really need help.

The corporation is currently seeking government guarantees for a P850 million loan already approved by the African Development Bank and another P150 million, which it plans to raise through a local bond issuance.  The corporation wants the guarantees to fund several investments it says are in its “immediate” pipeline and which it says will create 1,300 jobs.