2006 in brief

Year 2006 was a formidable year that posed critical tests to the operations of the Foundation.

For one, the dramatic increase of project applications and subsequent requirements in the development portfolio put to test the flexibility and endurance of the staff to meet targets. Responding to the needs yielded to innovations in values and operational procedures, both contributing to the development of FSSI.

A highlight this year is the birth of the principles on Environmental Management Accounting (EMA), an integral ingredient to deepen the Foundation’s triple bottom line (3BL) framework. EMA helped encourage partners and allies to integrate environmental management in eco-enterprise development.

Another highlight is the increase in initiatives to promote the Foundation to stakeholders and the public. Aggressive launching of business prospecting sessions, investment forums, sectoral and regional forums, and conferences brought in more resources and partnerships.

Development Portfolio

The call for proposals in April 2006 ushered in a remarkable number of project applications, mostly for access to the FSCS grants facility.

By year end, the Foundation received a total of 141 project applications costing PhP 465.2 million. The projects are 10 percent higher than the targeted 128 projects. Bulk of these applications came from a record high of 83 grant projects worth PhP 90.5 million.

The call for proposals proved to be an effective strategy to reach out to more sectors. The strategy served two uses: promotion of FSSI products and services, and harvesting of new project concepts.

A setback of the strategy, though, was the entry of dubious proposals to which the Development Portfolio Unit devoted more time and effort to validate.

By and large, FSSI approved 67 of the 141 appraised projects or 76 percent of the year’s target. FSCS recorded the highest number of approved projects for the year, followed by MEEP.

The approved projects totaled to PhP 311.9 million. More than half, or PhP 234 million, were devoted to additional and renewed projects. Loan provisions amounted to PhP 194 million, ranking second in the share in the portfolio

The total disbursed amount by year end was PhP 192 million or 87 percent of the targeted PhP 222 million. (find more information from FSSI 2006 Annual Report)