This document discusses inclusive business and impact investments in the Philippines. It defines inclusive business as commercially viable companies that address social needs of the poor through goods/services and jobs. While there is potential, inclusive businesses in the Philippines face barriers like lack of capital, regulations and support. Impact investments aim to generate social and financial returns, and are growing but still small compared to overall investments. The document calls for mobilizing capital and support to help inclusive businesses in the Philippines contribute to inclusive growth.
The development of a viable and sustainable social enterprise (SE) sector can be a powerful driver of economic progress. But the development of an ecosystem conducive to social enterprise requires a shift in the approach for both business and development aims among governments and the societies they manage. Addition of low-cost policy mechanisms can go a long way towards addressing improved development needs through use of SEs. This paper considers how governments can define SEs as for-profit entities in which most of the profits are reinvested, and examines the positive role of government in the growth of SEs. The paper considers the existing literature and research in examining the cases of India, Iran, and Egypt as the basis for developing policy recommendations that can be applied globally. These recommendations include the development of effective legal and regulatory frameworks, incentives for SEs, training and awareness, and financing.
Keywords: social enterprise, emerging markets, hybrids, social entrepreneurship, social business models, India, Iran, Egypt
Micro Financing Of Small and Medium Enterprises (Smes) In Zambiainventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The economic and business case for global LGB&T inclusion.
Open For Business is a coalition of global companies making the case that inclusive, diverse societies are better for business and better for economic growth. The purpose of the coalition is to promote a positive business and economic case for equality of opportunity for everyone, all across the world.
They have published a comprehensive report, written by Brunswick partners, Jon Miller and Lucy Parker, which shows that successful businesses thrive in open, diverse and inclusive societies.
For more information visit: www.open-for-business.org
The development of a viable and sustainable social enterprise (SE) sector can be a powerful driver of economic progress. But the development of an ecosystem conducive to social enterprise requires a shift in the approach for both business and development aims among governments and the societies they manage. Addition of low-cost policy mechanisms can go a long way towards addressing improved development needs through use of SEs. This paper considers how governments can define SEs as for-profit entities in which most of the profits are reinvested, and examines the positive role of government in the growth of SEs. The paper considers the existing literature and research in examining the cases of India, Iran, and Egypt as the basis for developing policy recommendations that can be applied globally. These recommendations include the development of effective legal and regulatory frameworks, incentives for SEs, training and awareness, and financing.
Keywords: social enterprise, emerging markets, hybrids, social entrepreneurship, social business models, India, Iran, Egypt
Micro Financing Of Small and Medium Enterprises (Smes) In Zambiainventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The economic and business case for global LGB&T inclusion.
Open For Business is a coalition of global companies making the case that inclusive, diverse societies are better for business and better for economic growth. The purpose of the coalition is to promote a positive business and economic case for equality of opportunity for everyone, all across the world.
They have published a comprehensive report, written by Brunswick partners, Jon Miller and Lucy Parker, which shows that successful businesses thrive in open, diverse and inclusive societies.
For more information visit: www.open-for-business.org
Strategic Options for Creating Competitive Advantage for Youth Enterprises in...paperpublications3
Abstract: The Youth Enterprises have to survive in the global economic environment through defining the areas in which they can achieve the superior results and on them base their complete business. This article discusses the back ground information regarding youth enterprises in relation to vision 2030 and the global trends on SMES competitiveness as well as regional trends on SMES competitiveness. The research objectives are the effects of collaborative networks, innovation, product diversification and entrepreneurial skills on competitive advantage of youth enterprises. Conceptual framework focuses on both independent and dependent variables, independent variables namely; collaborative networks, innovation, product diversification and entrepreneurial skills; dependent variable namely competitive advantage. The purpose of this article is: to unite and to expand the existing cognitions about the concept of collaborative networks, innovativeness, product diversification, and entrepreneurial skills; propose the universal model for the process of transformation of implementing these concept and to point on the guidelines which should follow these concepts.
American Research Journal of Humanities & Social Science (ARJHSS) is a double blind peer reviewed, open access journal published by (ARJHSS).
The main objective of ARJHSS is to provide an intellectual platform for the international scholars. ARJHSS aims to promote interdisciplinary studies in Humanities & Social Science and become the leading journal in Humanities & Social Science in the world.
Explore the four pillars of future economic development - one prosperous, skilled, innovative, and livable - that communities are using to build globally competitive communities. Explore how private sector development, workforce and education, entrepreneurs and small business, and community development support broad-based economic growth and quality of life.
Gain more information on the topic during IEDC's Economic Future Forum in Tulsa, OK June 12-14. To register visit: iedconline.org/futureforum
Microfinance and the Challenge of Financial Inclusion for Sme’s Development i...IOSRJBM
This paper examined microfinance and the challenge of financial inclusion for SMEs development in Nigeria. The study adopted two separate econometrics models for capturing and testing for significance in the stated objectives between 2005 and 2015. The first model determined whether financial inclusion improve the financial well-being of low-income savers in the study period. The second investigated the impact that micro finance has on the performance of small and medium scale enterprises. Each of the models was subjected to the Ordinary Least Square regression to determine the appropriateness of models estimated. Findings from the empirical results in model one (1) and two (2) indicated relationship between financial inclusion in Nigeria, microfinance, and small business enterprises over 10 years period of study. The study found out that there is a significant relationship between financial inclusion and financial well – being of the low income earners. Empirical finding that examines the relationship between microfinance and small business in Nigeria indicates that there is a negative significant relationship between loan to small enterprises and loan to rural areas in Nigeria in the period under study. The study suggests therefore that financial inclusion will have a positive significant impact on the development of small business if the plan to include everyone works in Nigeria.
Strategic Options for Creating Competitive Advantage for Youth Enterprises in...paperpublications3
Abstract: The Youth Enterprises have to survive in the global economic environment through defining the areas in which they can achieve the superior results and on them base their complete business. This article discusses the back ground information regarding youth enterprises in relation to vision 2030 and the global trends on SMES competitiveness as well as regional trends on SMES competitiveness. The research objectives are the effects of collaborative networks, innovation, product diversification and entrepreneurial skills on competitive advantage of youth enterprises. Conceptual framework focuses on both independent and dependent variables, independent variables namely; collaborative networks, innovation, product diversification and entrepreneurial skills; dependent variable namely competitive advantage. The purpose of this article is: to unite and to expand the existing cognitions about the concept of collaborative networks, innovativeness, product diversification, and entrepreneurial skills; propose the universal model for the process of transformation of implementing these concept and to point on the guidelines which should follow these concepts.
American Research Journal of Humanities & Social Science (ARJHSS) is a double blind peer reviewed, open access journal published by (ARJHSS).
The main objective of ARJHSS is to provide an intellectual platform for the international scholars. ARJHSS aims to promote interdisciplinary studies in Humanities & Social Science and become the leading journal in Humanities & Social Science in the world.
Explore the four pillars of future economic development - one prosperous, skilled, innovative, and livable - that communities are using to build globally competitive communities. Explore how private sector development, workforce and education, entrepreneurs and small business, and community development support broad-based economic growth and quality of life.
Gain more information on the topic during IEDC's Economic Future Forum in Tulsa, OK June 12-14. To register visit: iedconline.org/futureforum
Microfinance and the Challenge of Financial Inclusion for Sme’s Development i...IOSRJBM
This paper examined microfinance and the challenge of financial inclusion for SMEs development in Nigeria. The study adopted two separate econometrics models for capturing and testing for significance in the stated objectives between 2005 and 2015. The first model determined whether financial inclusion improve the financial well-being of low-income savers in the study period. The second investigated the impact that micro finance has on the performance of small and medium scale enterprises. Each of the models was subjected to the Ordinary Least Square regression to determine the appropriateness of models estimated. Findings from the empirical results in model one (1) and two (2) indicated relationship between financial inclusion in Nigeria, microfinance, and small business enterprises over 10 years period of study. The study found out that there is a significant relationship between financial inclusion and financial well – being of the low income earners. Empirical finding that examines the relationship between microfinance and small business in Nigeria indicates that there is a negative significant relationship between loan to small enterprises and loan to rural areas in Nigeria in the period under study. The study suggests therefore that financial inclusion will have a positive significant impact on the development of small business if the plan to include everyone works in Nigeria.
Other NGOs such as Dustho Shasthya Kendro (DSK), Nijera Kori, ASA etc should give an positive steps to follow BRAC, Grammen Bank and Gono Shasthya Kendro (GSK) to develop social business in order to earn fund in collaboration of overseas investors who consider the impact of their investment and profit. The local NGOs should change their mind and reform themselves to attract overseas investments.
This policy brief covers a discussion on finance for sustainable development held during a full day conference at the Stockholm School of Economics on May 11, 2015. The event was organized jointly by the Stockholm Institute of Transition Economics (SITE) and the Swedish Ministry for Foreign Affairs, and was the fifth installment of Development Day – a yearly development policy conference. With the Millennium Development Goals (MDGs) expiring in 2015, the members of the United Nations are now in the process of defining a post-2015 development agenda. The Sustainable Development Goals (SDGs) build on the eight anti-poverty targets in the MDG but also include a renewed emphasis on environmental and social sustainability. Whatever targets or goals will be agreed upon in the end, we know for certain that reaching the objectives will require substantial financial resources, far beyond the current levels of official development assistance (ODA). To discuss this issue, the conference brought together a distinguished and experienced group of policy-oriented scholars and practitioners from government agencies, international organizations, civil society and the business community.
A stock market is the aggregation of buyers and sellers of stocks (also called shares); these may include securities listed on a stock exchange as well as those only traded privately. Wikipedia
Impact Investing is investing with measured positive impact and risk related financial returns. It goes beyond the People-Planet- Profit principles focusing on specificsectors and peoples.
The visual shows traditional DEEP impact investments 'doing good' on the left, top & bottom and BROAD impact investing 'doing less harm' on the left in the evolved responsible, sustainable and ESG Risk universe.
UPDATES: Euronext Amsterdam was awarded best global CSR stock exchange in August 2016 and Morningstar launched a Country Sustainability Benchmark mid October 2016 based on country indices and the underlying portfolio. The ESG methodology explicitly includes Controversies. http://www.morningstar.co.uk/static/UploadManager/Other/Morningstar%20Sustainability%20Atlas%20-%20October%202016.pdf
Public Sector finance as a catalyst for Private Investment for DevelopmentPhilip Ansong
This is an informative digital artifact aimed at enlightening people new to the development financing agenda and people with interest in acquiring knowledge on how development projects are financed and given direction. Here we look at how domestic and international Public Sector finance can be used as a catalyst to crowd in private financial flows for Private Investment for Development. we look at how risk/return considerations of private finance can achieve a social impact if leveraged properly by public sector finance measures.
Grassroots Business Fund annual report 2010dpriadi
The Grassroots Business Fund strives to create a world where economic opportunity reaches everyone. GBF builds and supports High Impact Businesses that provide sustainable economic opportunities to millions of people at the base of the economic pyramid.
This project is part of an edX course: Unlocking investment and finance in Emerging Markets and Developing economies. I opted to 'create' my own country St Paul and devise a finance Strategy for the next 5 years in order to meet our development goals as an employee of the ministry of finance. To do this the following must be highlighted: the estimated financing needs of my country, sources of finance available, how to access these sources and how to work with Multilateral Developments Banks to do so.
Impact investment is a strategy to align the power of private markets to the social and environmental development needs of society at-large. From 2012-13, the Rockefeller Foundation, through its Impact Investing initiative, funded research in five Sub-Saharan African countries with the aim of understanding the barriers for impact investing across Africa, as well as recommending national policies to encourage the growth of the industry. This report synthesizes the findings of that work, examining the potential of impact investing as a ‘strategy of choice’ for African policymakers.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Inclusive Business Philippines - Financing Alternatives
1. 6 September 2013
Financing Inclusive Business
Background paper for the 2nd
Inclusive Business Forum for the Philippines
By: Lydia Domingo and Armin Bauer1
1 WHAT IS INCLUSIVE BUSINESS ?
1. The Philippines needs the private sector to make growth more inclusive. There
have been recent marked improvements in the country’s macroeconomic indicators, and the
government’s efforts to strengthen governance and competitiveness are paying off in terms of a
more positive image for the country as an investment opportunity. However, these
improvements have yet to translate to better life options for those at the bottom of the income
pyramid – or concretely, in the immediate, to jobs and access to affordable basic services. The
promise for an “inclusive growth” is yet to come true, and Inclusive Business offers an
opportunity to unleash the private sector’s huge potential to contribute towards this end.
2. Inclusive Business (IB) is generally defined as:
commercially viable and profit making private companies in the growth stage,
whose core business is designed to address – in scale – pressing social needs of the
poor and vulnerable people below the $3 international poverty line, i.e. around 60% of
the Philippines population, also referred to as the Base of the Pyramid (BoP),
by engaging them through the provision of affordable and relevant goods and services
and through income and decent work opportunities, in a manner that results in
measurable improvements of their living situation and as a
systemic contribution to poverty reduction and inclusiveness for the country/region.
3. IB differs from corporate social responsibility (CSR), social enterprise, microfinance,
and contract farming through its business scale, growth potential, and focus on systemic
changes for poor people. IB is also distinguished from impact investments in that it places the
impact on poor and vulnerable people at the center, and de-emphasizes impact on the
1
Lydia Domingo is Associate Social Development Officer in ADB’s Poverty, Gender and Social Development
Division. Armin Bauer is Principal Economist in the Asian Development Bank (ADB), and heading the bank’s
inclusive business initiative.
2. 2
environment or good governance. The concept of inclusive business is relatively new, having
emerged from India in 2004, then spreading to investments in Latin America, and later in Africa
and Asia.2
4. The market at the base of the economic pyramid is huge and increasing: Many
companies are interested to expand to the huge and largely unexplored BoP market. These
enterprises, however, feel the need to gain more specific expertise – in logistics, sector
knowledge, low cost methodologies and skills to deal with the BoP successfully. The table
below shows how viable the BoP market is.
Table 1. The Global BoP Market
Source: IFC/WRI (2007): The Next 4 Billion
2 IB IN THE PHILIPPINES
5. IB is a new concept in the Philippines. A recent ADB-commissioned Inclusive
Business Study on the Philippines found that there is little awareness about IB, even within the
business sector; financial institutions have little interest to invest in IBs; and the government
does not have the structures to support the sector.3
6. IBs in the Philippines are concentrated in a few sectors. The study identified 70
companies in 11 industries that manifest the characteristics of an inclusive business, but the
largest share of IBs are in the agriculture sector (24%), followed by the financial sector (14%)
and manufacturing sector (10%). There are fewer IB companies in the other sectors such as IT,
energy, education, health, transport and logistics but they show profitable and impactful models.
One outstanding example of IB is Manila Water when an investment of USD$75 million from
International Finance Corporation (IFC) between 2003-2005 substantially increased household
connections to water and made water available to more poor people.
2
For more information, see ADB’s inclusive business website http://www.adb.org/themes/poverty/inclusive-
business-base-pyramid
3
The study is available at http://www.adb.org/sites/default/files/2nd-ibf-phi-business-study.pdf, and the summary
paper can be downloaded from the 2
nd
Philippines IB Forum website (http://www.adb.org/news/events/2nd-
inclusive-business-forum-philippines?ref=themes/poverty/events).
3. 3
7. There is a good potential for IB in the country. The number of BoP consumers in the
country is estimated at US$34 billion, and the number of BoP customers is around 63% of the
92 million population.4
The BoP spend about 48% of total family expenditures in the country.
More than 50% of the BoP’s spending goes for food, and 28% on housing, 9% on fuel and
transport, about 8% on education, health and personal care. IBs can create employment for the
poor (mainly as suppliers in agriculture and distributors) or can provide services (like affordable
housing, relevant health and education, or energy, transport, and communication services).
8. But for IBs to grow, those companies need a better business environment and
support structure. Poor regulatory environment (including issues of corruption), lack of
government incentives or supportive regulations, internal governance issues of the firms, and
limited access to capital are some of the major barriers to the IB sector’s growth. Mobilizing
access to capital, clearer regulations, government target setting for achieving results, and
technical assistance would help unleash the potential of the sector to contribute more to
inclusive growth.
3 IMPACT INVESTMENTS
9. Impact investments are funds made available for companies (or investment funds) that
promote both financial returns, and environmental and social benefits. Impact investments differ
from “social responsible investing” by targeting investments to those that do social good rather
than just staying away from those that do harm (e.g., tobacco, alcohol). Inclusive business is a
subset of impact investments focusing on creating social impact for the poor. Since the early
1920s some impact investments came up in Europe (particularly UK, Germany, Switzerland,
France), USA5
, Canada, and Australia, but it emerged as a major cluster of the economy since
the 2000s. Impact investment is also promoted by developing countries. The Indian Government,
for example, announced in November 2011 a $1 billion India Inclusive Innovation Fund which
would raise more than 80 percent of its capital from the private sector. Typical IB deals in the
developed world are between $20 and $70 million, and in developing countries between $1-20
million. This compares to investments in social enterprises in the range of $0.1 million to $1
million.
10. Impact investments is a new asset class: In 2010 the JP Morgan Bank and the
Rockefeller Foundation in partnership with the Global Impact Investment Network (GIIN) did the
first global impact investment assessment. The study interviewed more than 1,000 impact
investment companies and funds, large-scale financial institutions, pension funds, family offices,
private wealth managers, foundations, individuals, commercial banks, and development finance
institutions. The authors identify a potential market of $183 billion and $667 billion and a
potential investment opportunity between $400 billion and $1 trillion in the next decade. The
4
This is based on based ADB’s definition of BoP as those with per capita expenditures of less than US$3 a day on
international purchasing power parity of 2012 (about PhP 20,000 a month for a family of 5).
5
In 2011, the Overseas Private Investment Corporation (OPIC) — the US Government’s development finance
institution — attracted more than 80 applicants when they issued a call for impact investment proposals. OPIC
committed $285 million to the first six equity funds, with the aim of mobilizing up to $875 million for investment.
4. 4
analysis showed that investors can realize through impact investment financial returns which
are at least concessionary, and in many cases even beating the markets.
11. Increasing market: While the global impact investing industry is still small, it comprises
a global stock estimated at $36 billion with about 2,200 investments made in 2012 worth $8
billion. This compares to about $90 trillion in financial investments in 2012 (ca 1% of global
financial investments). The impact investment industry is rapidly growing, and in 2020 it is
estimated to constitute 5-10% of the financial portfolio world-wide.6
In developing countries
impact investments has strong support in Latin America, India and increasingly in Africa. On the
other side East and Southeast Asia has a stronger culture where enterprises share their profits
through social corporate responsibility activities rather promoting poverty reduction through core
business in impact investment. However the number of companies engaged in impact
investments in Southeast and East Asia is increasing, and in all countries there are problems
with financing for the bankable IB companies.
12. The financial sector is discovering impact investments. In the past, impact
investments were mainly done through grants and quasi loans by private foundations, high
network individuals, and so called “angel investors.” Such investors typically engaged in startup
companies (social enterprises) with support between US$ 0.05 and US$ 1 million per deal. On
the other side, banks and other financial institutions tended to neglect the sector and invested in
larger (mostly infrastructure or SME promotion related) projects with transactions of minimum
$20 million. However inclusive businesses are companies in the growth phases, and need
investments between $1 and $20 million – a market segment that is underserved, and
increasingly being discovered by finance institutions. In recent years, especially since 2008,
some funds and banks have set up financial instruments for this market segment. Given the
reduced return expectations since 2008, and the increasing criticism on bank managers’ lack of
social orientation, commercial banks such as Credit Suisse, Deutsche Bank, JP Morgan,
Citibank are increasingly interested in placing funds of their investors in inclusive business.
Governments and pension funds are also becoming more interested in financing inclusive
business.
13. Over time, impact investments will replace development assistance: In 2012, the
Official Development Assistance (ODA) was $125 billion. Including the loans of development
banks like ADB or World Bank, and including the global funds, total development partnership
financing is estimated at $300 billion annually. With the continuing global economic crisis and
less interest of the emerging countries to provide ODA, this amount is projected to decrease.
The size of the development assistance of foundations and NGOs is already much higher than
the ODA. While the impact investment industry is still nascent, it is rapidly growing and is
expected to expand even more with the increased emphasis on private sector contribution to
development.
14. Impact investments of development banks: Inclusive business already comprises 12-
15% of the total investments in the Inter-American Development Bank and the IFC of the World
6
JP Morgan (2011), Martin (2013), Credit Suisse (2012).
5. 5
Bank group. Impact investments is also provided by bilateral development banks and
development partners such as AusAID (Australia), AFD/Proparco (France), CIDA (Canada),
KfW/DEG (Germany), SwedFund/SIDA (Sweden), CDC/DFID (UK), USAID (USA). Foundations
like Rockefeller, Ford, Omidyar, Shell, Schwab – to name a few, are also strong promoters of
the impact investment industry. A recent portfolio analysis of ADB’s private sector investments
showed that projects that would qualify as inclusive business investments comprise about 7% of
ADB’s approved private sector projects since 2000, and the share is further increasing.
15. Impact investments are even more profitable than traditional financing: A 2011
study by JP Morgan found that the expected returns of many inclusive business in emerging
markets are largely in the range of 8-12% (in USD terms) for debt investments and 20-25% for
equity investments. This compares to common developed market return expectations of 5-8%
for debt and 15-20% for equity respectively. This interesting result is also confirmed by
evaluations of the Inter-American Development Bank’s Opportunities for the Majority program
and the IFC’s inclusive business investments, as well as recent evaluation of the ADB’s private
sector portfolio.
4 INVESTMENT OPTIONS
16. Impact investments are done in various forms. Each of these financing options has
its pros and cons. Inclusive business typically require a combination of debt and equity
investments with technical assistance support. They are less interested in grant financing which
is more suited for social enterprises and start up IBs.
Grants are typically made by angel investors in startup companies. The size is small
($0.02 to $1 million) and they often have limited time horizon of 3-5 years. They are
project specific and in most cases do not generate follow up investments. Grants are
often used not only for capacity building but also for core investments of a firm.
Debt capital is an important source of external finance of for-profit social enterprises
and inclusive business. The effective cost of debt is measured by adding the interest
paid on the debt to other fees and/or front end charges. Debt capital is typically needed
for companies in the growth stage. The available loans in the Philippines market have
typically maturities of 5-10 years, while IB often need more long term debt capital of 7-12
years For inclusive business debt is sometimes mixed with more “patient” equity capital.
Equity investments provide IBs with more patient risk capital than loans. However
these are often less preferred by inclusive businesses in Asia, because such companies
often get their patient capital from family members and “friends.” Also many Asian
business leaders of smaller companies do not want to lose control on their companies.
The effective cost of “venture or private equity” funding, is measured by the expected
return on investment. In the case of private equity the Return on Investment for the
investor would come by way of capital appreciation of common stock, and/or dividends
paid on common shares held. While equity funding enhances bankability, and hence,
borrowing capacity, the overall cost consideration will probably have to be addressed by
recognizing the necessity of debt funding to bring down the average cost of capital. The
6. 6
Philippines study showed that the ratio of debt to equity investment needs for IBs is 3 to
2 or even 4 to 1.
Mezzanine capital or convertible debt is a combination of debt and equity capital. It is
a preferred option for many inclusive business companies that need both some “patient
capital” equity for developing a business model or providing capacity development, and
some growth money for expanding the business. Given its higher risk, mezzanine capital
is typically a more expensive financing option than pure debt financing. It is however
perhaps the most appropriate financing tools for IBs in the beginning growth phase.
Guarantees: In the case of the Philippines, the ADB study identified guarantees are a
potentially very effective instrument to unleash financing through banks. The study
proposes to establish a guarantee facility sourced by money from corporate foundations
(to cover first loss risk), development banks, and commercial banks. The guarantee
facility could also be support by the Department of Finance.
17. Innovative impact financing: Most impact investments today take the form of private
equity or debt investments by large private clients, family offices, and foundations with
innovative financing tools, such as seed-stage investing, peer to peer funding platforms and
project-focused platforms like Kiva7
, or crowd-funding platforms. For example, MicroPlace is an
only online broker-dealer specializing in microfinance securities for retail investors, and Hoop
Fund is a crowd-funding platform that allows people to invest in fair trade, sustainable farmers
and artisan production. Another innovative tool for impact investments are tax exempted green
and climate bonds and climate change bonds or vaccine bongs, the, or social impact bonds.8
18. The social stock exchange is a new platform to generate financing for inclusive
business and social enterprise ventures. Social stock exchanges were launched in the last year
in London (supported by the London Stock Exchange Group), Brazil, South Africa, and
Singapore. They allow retail and institutional investors to trade stocks exclusively in companies
with a clear social and environmental mission, with the idea being to attract long-term, patient
capital. They use the same principles as conventional stock exchanges with listed companies,
and are also regulated by the financial services authority. The big difference is that companies
applying for listing will be subject to an independent social audit. The promoters of the Social
Stock Exchanges hope that they could redirect at least 1% of the annual $80 trillion globally
traded debt and equity securities to impact investors. In 2013 Impact Investment Exchange Asia (IIX) in
partnership with the Stock Exchange of Mauritius set up the first stock exchange for social
enterprises in Asia. Based in Singapore. IIX is a platform for social enterprises and inclusive
business to raise seed funding and link up to mentorship. IIX is an internet platform that pre-
screens social enterprises based on their social impact and financial capacity and links them to
impact investors. It also provides a trading platform to raise investment capital for social
7
Kiva is an internet platform where individuals can make loans or grants to social or environmental enterprises
with amounts starting from $25. See http://www.kiva.org/start.
8
The first social impact bond was established in 2010 in UK, financing private sector innovations to reduce crime
in London. Under this program companies guiding ex-convicts receive a “bonus” if the ex-convicts do not fall
back into criminal activities. The investor bears the upside and downside risk of the effectiveness of the program,
while the government saves money on policing, processing, and jailing offenders.
7. 7
enterprises and to offer impact investors the opportunity to invest in and trade securities issued
by social enterprises.9
19. Capacity building for IBs: Many inclusive businesses need funding for capacity
building to do pre- and post-investment due diligence work, and impact assessment. Such
support can either come in kind or in cash, and inclusive business are typically open to cost-
share the capacity building activities from their assets.
20. Other support for IBs: Support for IBs can also come in the form of tax relief,
preferential public procurement, end user subsidies (e.g. vouchers), and end user insurance
schemes, among others.
5 FINANCING IB IN THE PHILIPPINES
21. Profitable financial market sidelines IB: The Philippines’ stock markets are currently
trading at relatively reasonable private equity ratios compared to its ASEAN counterparts.
However, in terms of absolute values, the Philippines publicly traded capital market, estimated
at $202.3 billion as of year-end 2010, is much smaller than some of its neighbors (China with
$4,028 billion, Japan with $4,100 billion, Hong Kong with $2,711 billion, South Korea with
$1,093 billion, Malaysia with $410 billion, and Thailand with $276 billion). The market is also
more susceptible to high speculative swings, further aggravated by a generally believed over-
valued currency market due to remittances inflows and other reasons. However, recently the
national currency (Peso) is appreciating against the US Dollar, which is of some concern to the
Central Bank. As a result, due to the presence of high levels of speculative capital, and inward
remittances from overseas workers, the financial markets in the Philippines are highly liquid.
While a few number of prime borrowers can easily source long term money at comparatively low
rates. There are however, only a limited number of “prime” borrowers, inclusive business –
which is not a “prime borrower” is basically excluded.
22. IB financing in the Philippines is nearly inexistent: The market scoping study only
identified 70 companies with inclusive business models in the country, which compare badly
with around 20,000 potential social enterprises and 300,000 NGOs active in the country. The
ADB study found that similar to the nascent character of the IB industry, impact investment in
the sector is also nearly inexistent. Apart from the $75 million invested by IFC in Manila Water in
2003-2005, there were only 2 dedicated impact investments amounting to USD 3 million
undertaken in the country in the last three years. On average, Philippine inclusive businesses
are looking for debt financing in the range of $0.5 million to $10 million at interest rates between
4% and 8%. Selected equity deals of the same size are also sought with IRR expectations of
10% to 20%.
23. Banks in the Philippines are reluctant to invest in IB. Most investments in IB came
from firms that generated their own funding through families and friends. Banks are rather
reluctant to invest. This is mainly due to the incentive structure and less so due to return
expectations or risk perceptions. While there is a lot of liquidity in the country’s financial market,
9
For more information on IIX see http://www.asiaiix.com/product-offerings-and-operations/.
8. 8
this is mainly used for large-scale investments in existing companies with good ties to the
banking officers. One reason for the low IB investments is the bank’s strong emphasis on
collaterals, which many new IBs find it difficult to expose. Another reason is that bank managers
often show a strong reluctance to explore new investments. Furthermore, lack of understanding
of the IB sector and prejudices on higher risks and lower returns from the market of the poor are
a major reasons for traditional bank managers not to engage in IB. Hence, awareness raising
and training seminars for bankers, combined with risk sharing arrangements such as
guarantees, would be an effective way to eventually mobilize more IB funding.
24. Debt financing is the most familiar financing modality for IB in the Philippines. The
study showed that about 1/3 of the IB companies raised the lack of capital as a major barrier to
the growth of the industry. there is unwillingness to share ownership and control to outsiders,
thus there is less buy in for equity financing. In the past about 41% of the IB companies used
mezzanine financing, 29% equity and 14% debt as main source of financing. Credit guarantees
are a quite unknown instrument for IB financing so far, and 7% of the firms were able to source
grant funding. Asked about future capital needs, most IB companies look for debt financing in
the range of $.5 to $10 million10
at interest rates between 4% and 8% per year in USD terms.
Selected equity deals of the same size are also sought with IRR expectations of 10% to 20%.
The time frame is equally divided between short (1-5 years), mid (6-10 years) and long term
(more than 10 years) funding. The targeted IRR for equity investments indicates that whereas
there is a substantial number of companies targeting above 11% returns, the majority is looking
at the bracket of 5% to 10% and even below, therefore limiting the use of private equity
financing to a few companies. The targeted IRR for equity investments indicates that whereas
there is a substantial number of companies targeting above 11% returns, the majority is looking
at the bracket of 5% to 10% and even below. This analysis limits the use of private equity
investment as targeted IRRs for this type of investment have to be in excess of 10%. Technical
assistance was requested by 2/3 of the companies.
Financing requirements of IB Business in the Philippines Preferred Financing for IB Business
10
Selected companies require larger funding of $20-50 million.
18%
41%
10%
6%
4%
20%
100%
0% 20% 40% 60% 80% 100% 120%
– 1million
2 – 10 million
11 – 25 million
26 – 50 million
+ 51 million
Do not need financing
Total
9%
11%
15%
64%
Equity
Equity and debt
Grant
Debt
9. 9
25. International fund managers discover the market: In the absence of an impact
investment community in the Philippines, the funding came from local and international
commercial banks. Of the specialized impact finance organizations, only LGT Venture
Philanthropy has an office in the Philippines. LGT VP has so far one investment in a social
enterprise undertaken within the last three years. In 2012, the equity investment into Encash by
responsAbility Social Investment AG and Incofin Investment Management, arranged by Unitus
Capital, was the second impact investment in the country. However both investments amount to
a total of only $3 million (in 2012).
26. Establishing a guarantee facility can help attract more investors. A certain
percentage of funds that are allocated for CSR activities could be channeled to IBs through a
guarantee facility. The Philippine Business for Social Progress (PBSP), as the largest
association of business establishments in the country, is well-placed to steer the creation of this
facility.
6 ADB’S INVESTMENT TERMS
27. In line with ADB’s Finance++ approach11
, the share of private sector operations in
ADB has been increasing. From an allocation of $1,730 million for 14 projects in 2011, the
Board approved an increased allocation of $1,957 million for 20 projects for 2012 – 56% in
loans, 17% in guarantees, 10% in supply chain finance, another 10% in B loans (or loans
funded by commercial banks and other financial institutions with ADB serving as “lender of
record”); and 7% in equity investments.
28. ADB’s private sector operations department (PSOD) provides loans, equity and
guarantees to private sector companies. As of December 2012, its portfolio is valued at
USD$ 6,607 million composed of loans and quasi equity investments (60%), guarantees (22%)
and equity (18%). In terms of sector focus, its current portfolio consists of 72% for infrastructure
development, 30% supports the environment, 30% for financial sector development, and 24%
for regional cooperation. By subsector, this means around 34% going for energy-related
projects, 20% for industry, 18% for urban development, 16% for finance-related projects, and
3% for rural development.
29. ADB’s investment instruments for non-sovereign operations include:
Local currency loans are priced based on relevant local funding benchmarks or ADB’s
funding costs and a market-based spread.
Guarantees are typically designed to facilitate co-financing by mitigating the risk
exposure of commercial lenders and capital market investors. ADB provides guarantees
as credit enhancements for eligible projects to cover risks that the project and its
commercial co-financing partners cannot easily absorb or manage on their own. ADB
also provides political risk guarantees to cover specifically defined political risks.
Reducing these risks can make a significant difference in mobilizing debt funding for
11
Finance++ acknowledges the importance of leveraging resources and knowledge, in addition to direct finance to
achieve the Bank’s poverty reduction agenda.
10. 10
projects. ADB has used its guarantee instruments successfully for infrastructure projects,
financial institutions, capital markets, and trade finance. These instruments generally are
not recognized in the balance sheet and have off-balance sheet risks. For guarantees
issued and modified after 31 December 2002, ADB recognized at the inception of a
guarantee, the non-contingent aspect of its obligations. In 2012, ADB approved two new
guarantees totaling $403 million (2011: 4 guarantees totaling $416.6 million); out of this,
3 were for private sector operations.
Syndications enable ADB to mobilize cofinancing by transferring some or all of the risks
associated with its loans and guarantees to other financing partners. Thus, syndications
decrease and diversify the risk profile of ADB’s financing portfolio. Syndications may be
on a funded or unfunded basis, and they may be arranged on an individual, portfolio, or
any other basis consistent with industry practices. In 2012, $200.0 million of B-loans was
provided for two private sector projects , compared to 2 projects in 2011 with $200
million investment.
Equity Investments: The ADB Charter allows the use of OCR for equity investments in
private enterprises up to 10% of its unimpaired paid-in capital actually paid up together
with reserves and surplus, excluding special reserves. At the end of 2012, the total
equity investment portfolio for OCR for both outstanding and undisbursed approved
facilities totaled $1,348.1 million, or about 84% of the ceiling defined by the Charter. In
2012, ADB approved three equity investments.
30. Pricing and Risk Management: As ADB is exposed to various risks such as (i) credit
risk, (ii) market risk, (iii) liquidity risk, and (iv) operational risk in carrying out its mission, the
Bank has a comprehensive risk management framework. The risk of a project is assessed by
ADB’s independent Office for Risk Management. This office monitors the credit profile of
existing transactions in the non-sovereign (private sector) portfolio, conducts risk assessments
of new non-sovereign transactions, and assumes responsibility for resolving distressed
transactions when necessary. ADB assigns a risk rating to each loan, guarantee, and treasury
counterparty on an internal scale from 1 to 14, similar to the rating by international credit rating
agencies from D to AAA. ADB is exposed to credit risk in its sovereign, non-sovereign, and
treasury operations. The non-sovereign portfolio includes loans and guarantees, publicly traded
equity, and private equity. Overall, aggregate credit risk for ADB as a whole improved from 4.1
(BBB-) in 2011 to 3.9 (BBB+) in 2012.
31. Loan charges on non-sovereign loans. For non-sovereign loans, ADB applies market-
based pricing to determine the lending spread, front-end fees, and commitment charges for
each loan. The lending spread is intended to cover ADB’s risk exposure to specific borrowers
and projects and the front-end fee to cover the administrative costs incurred in loan origination.
Front-end fees typically range from 1% to 1.5% depending on the transaction. ADB applies a
commitment fee typically in the range of 0.50% to 0.75% per year on the undisbursed
commitment. Loans are based on London Interbank Offered Rates (LIBOR) plus the risk
premium plus the commitment charge. Being a development bank, ADB does not aim at
charging a major profit margin in its private sector operations; however the risk exposure is a
11. 11
major determinant of the pricing. Overall, for the ADB as a whole, the return on equity was 2.7%
(mainly determined by private sector operations), and the return on public and private sector
loans was 1.5% in 2012.
32. Procedures: For the non-sovereign portfolio, the Investment Committee and the Risk
Committee oversee the risks assessments and pricing of the proposed transactions. This is
done at concept clearance stage and before final approval, and it is further reviewed at least
annually during project implementation. ADB uses limits for countries, industry sectors,
corporate groups, obligors, and individual transactions to manage concentration risk in the
private sector portfolio. During 2012, ADB’s weighted average risk rating stayed constant at 6.3
(BB+), with 12% of the private sector loan and guarantee exposure classified as high risk, 39%
as low risk and the rest as medium risk. Of the 1.9 billion approved private sector projects in
2012, the Philippines has the 4th largest non-sovereign country exposure with $259 million after
the People’s Republic of China, India, and Pakistan, and before Indonesia and Thailand. 12
33. ADB’s private sector operations department (PSOD) increases its investments in
IBs. A recent evaluation of its portfolio reveals that 7% of its investments since 2000 worth
$736 million can be classified as IB. These were investments mainly in mobile
telecommunications services, and finance, and some investments in urban water, agribusiness,
and solar lanterns for the poor. Since 2012, PSOD is increasing its investments in the IB area,
with new deals (approved and in the pipeline) for slum rehabilitation and housing provision,
agribusiness, and social sectors.
34. In the Philippines, ADB’s recent private sector investments include a $25 million
commitment to the $625 million Philippines Investment Alliance for Infrastructure (PINAI), the
first and largest equity fund in the country. Not only is ADB an anchor investor in PINAI, it also
helped conceptualize the fund, select the fund manager and mobilize investors. In 2004, ADB
approved an equity investment of $2 million to facilitate the expansion of the capital base of the
LGU Guarantee Corporation, the first private guarantee institution in the country to provide
credit enhancement to sub-sovereign debt markets to local government units (LGU). So far,
ADB has not done any IB investment in the country. However there are some discussions on
deals in the education, agro-business, and health sectors. In addition, if pursued, the Philippines
would be part of the planned Southeast Asia Inclusive Business Fund.
7 CONCLUSIONS
35. Impact investments are on its rise and there is a good potential for inclusive
business in the Philippines. Improving the regulatory environment, mobilizing the local banks,
creating a guarantee facility, and providing technical assistance to companies can spur the
growth of the industry.
12
All data are taken from the ADB Financial Report 2012: http://www.adb.org/sites/default/files/adb-financial-report-
2012.pdf.
12. 12
8 REFERENCES AND FURTHER LITERATURE
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Manila.
ADB. April 2013. Inclusive Business Study: Philippines. (Unpublished report, prepared by ASEI).
http://www.adb.org/sites/default/files/2nd-ibf-phi-business-study.pdf.
ADB. February 2013. Due Diligence Report on Indonesia and Philippines for the ADB Inclusive
Business Fund Initiative: Key Findings. (Unpublished report, prepared by Noah Beckwith).
ADB. 2013. Financial Report 2012. http://www.adb.org/sites/default/files/adb-financial-report-
2012.pdf.
ADB. 2011. Impact Investors in Asia: Characteristics and Preferences for Investing in Social
Enterprises in Asia and the Pacific. Manila.
Credit Suisse and Schwab Foundation for Social Entrepreneurship. 2012. Investing for Impact:
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Deloitte. 2011. Soft Outcomes Require Hard-core Deliveries.
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Populations
GIIN. The Global Impact Investment Network.
IFC. 2011. Accelerating Inclusive Business Opportunities.
Lutens-Schilling, L. et al. Inclusive Business Policies: How Governments can Engage
Companies in Meeting Development Goals. German Ministry of Economic Cooperation and
Development.
Martin, Maximilian. 2013. Making Impact Investible. Impact Economy Working Papers. Vol. 4.
Geneva: Impact Economy.
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J.P. Morgan. November 2010. Impact Investments: An Emerging Asset Class.
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McKinsey. October 2011. The Business of Sustainability.
Troilo, Pete. 2013. Are social stock exchanges the great equalizer to democratize development
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democratize-development-finance.
United Nations Development Program. 2008. Creating Value for All: Strategies for doing
business with the poor. New York.
World Business Council for Sustainable Development (WBCSD). Finding Capital for Sustainable
Livelihood Business.