Announcement of IFC Supports Philippine Industry by Investing One Million Fifty Thousand US Dollars for Textiles on July 12, 1973

.INTER1'1"ATI0NAL FINANCE CORPORATION '==· 1818 H STREET. N.W .. WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 IFC Press. Release No. 73/19 For use in morning newspapers of July 12, 1973 IFC Su orts Phili ine Industr US 1.5 million for Textiles The International Finance Corporation (IFC), a member of the World Bank Group, is making a loan of $1,,500.,000 to,F'1lipinas Synthetic Fiber Corporation (FILSYN), a manufacturer of polyester fiber and filament, to help finance an ex- pansion of the company's filament yarn production capacity from 2,100 to 4,270 metric tons per year. The total cost of the project is estimated at US$7.5 million. In addi- • ·tion to the IFC loan, other loans will be provided by the Private Development Corporation of the Philippines (PDCP), a development finance company .in which IFC has invested., and the Private Investment Company for Asia (PI.CA). The company is 60% Philippine and 40% Japanese owned. The principal domestic shareholder is Lepanto Consolidated Mining Corp., and the major foreign shareholder is Teijin Co., Ltd. of Japan. Teijin is .a major polyester fibez: pro- ducer and is the source c£ FILSYN' s technical knowhow. Lepanto is one of the largest domestic mining companies. FILSYN is the first polyester fiber producer in the Philippines. The IFC loan will help FILSYN become a larger, more competitive polyes- ter producer and the project will add to domestic sources of raw materials for the textile industry. The project is expected to generate net foreign exchange savings of US$1.7 million per year. • This is IFC'o twelfth investment in the Philippines, a country where the Corporation commitments now total $65.5 million. - 0 -