COVID-19 has taken a heavy toll on PH households and business, says new IFC country manager
New IFC country manager for the Philippines named
MANILA – The International Finance Corporation, a member of the World Bank Group named Jean-Marc Abrogast as its new Country Manager for the Philippines.
In a statement released today, the IFC said, from his office in Manila. Mr. Abrogast will play an important role in building IFC’s portfolio, developing new investment and advisory opportunities and enhancing IFC’s impact in the developing country.
IFC referred to the Philippines as one having the most vibrant economies in the Asia Pacific region, due to strong domestic demand and a young, tech-savvy population with rising disposable income. The COVID-19 pandemic dimmed the country’s growth prospects and timely measures appear to be imperative to mitigate the impact on health and the economy as well as supporting the country’s most vulnerable groups.
“Jean-Marc brings a wealth of knowledge to his new role that will help IFC to optimize opportunities and mobilize the private sector to deliver impactful investments in the Philippines. Under his leadership, we are confident of creating new markets and opportunities where they are needed most, especially in these challenging times,” said Vivek Pathak, IFC’s Regional Director for East Asia and the Pacific.
Mr. Abrogast, a French national, was Adviser to IFC’s VP for Corporate Strategy and Resources where he assisted in the formulation and articulation of IFC’s strategic priorities while aligning resources to deliver on IFC’s agenda. He was Senior Investment Office in IFC’s Infrastructure and Natural Resources Team.
He led the origination and execution of transactions in the sector worldwide.
Prior to his employment with the IFC in 2012, he was an investment banker at Bank of America Merrill Lynch in New York where he advised industrial and agribusiness companies globally on mergers and acquisitions as well as capital market transactions. He has an MBA from Yale and a master’s degree in Aeronautical Engineering from ENSICA, a French engineering school.
“The COVID-19 pandemic has already taken a heavy toll on households and businesses in the Philippines. IFC’s priority is to help drive a sustainable and inclusive recovery in the country. I look ward to engaging with the government and the private sector, and all relevant stakeholders to revitalize the key sectors that can drive economic growth and create jobs,” said Mr. Arbogast on his new role in the Philippines.
Records show since 1962, IFC invested more than US$3 billion to support over 100 private sector companies in the Philippines. Its strategic priorities in the country include reducing the impacts of climate change, deepening financial inclusion, promoting sustainable infrastructure and strengthening the capacity of the private sector. This will better support the Philippines throughout the COVId-19 pandemic and help drive inclusive growth during the country’s eventual recovery. (Melo M. Acuña)
Jean Marc Arbogast, newly appointed International Finance Corporation Country Manager for the Philippines. (IFC File Photo)