The project will support the incremental costs of a new approach to mobilizing private capital and grant funding to help conserve new and existing marine protected areas (MPAs) at six key sites in the Philippines. It is innovative in the way that a holding company is set up. Essentially, private investors are willing to take lower returns on their investment on ACC in exchange for funding biodiversity conservation. It will provide funds for the first biodiversity oriented holding company which will become a long-term (up to 50 years) shareholder in companies that are strategically located in sectors and regions within the Philippines which allow it to leverage significant benefits for biodiversity. The investment company will work in tandem with a parallel foundation, the Asian Conservation Foundation (ACF) in order to provide technical assistance and funding for conservation activities at key marine and coastal sites. The project will address two major conservation objectives: (a) Long-term conservation of globally significant marine and coastal biodiversity, and (b) demonstration of a globally replicable model. Examples of expected conservation activities are conservation management, marine enforcement, information-education-communication, sustainable livelihoods, biodiversity research and monitoring, and development of institutional and financial sustainability mechanisms. Initial sites include: El Nido, Palawan; Sangay Reserve, Geros Occidental; Asid Gulf, Masbate; North Guimaras Strait; Estancia and Concepcion, North iloilo, and Bantayan Island, Cebu.

Project Details

GEF Project ID
1089
Country
Philippines
Implementing Agencies
The World Bank
International Finance Corporation
Approval FY
2004
Status
Completed
Region
Asia
Executing Agencies
International Finance Corporation
GEF Period
GEF - 2
Project Type
PFD
Focal Areas
Funding Source
GEF Trust Fund

Financials

USD
Co-financing Total
15,300,000
GEF Project Grant
1,600,000
GEF Agency Fees
186,000

Timeline

Received by GEF
11 Mar 2002
Concept Approved
01 May 2002
Project Approved for Implementation
10 Feb 2004
Project Closed
30 Jan 2011