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By Darwin G. Amojelar Reporter
State-owned Philippine
Export-Import Credit Agency plans to issue bonds to raise more funds
for its lending and guarantee operations, said Acting Socioeconomic
Planning Secretary Augusto Santos.
He said PhilExim may float bonds
worth P1 billion to increase funds “that will be used for its
lending and guarantee operations.”
From 2005 to September last year,
PhilExim’s total guarantee issuances reached P8.41 billion,
significantly higher by 21 percent than the previous level of P6.94
billion registered during the three-year period of 2002 to 2004.
Philexim, the country’s
sovereign guarantor, aims to contribute to the country’s economic
development by providing loans, guarantees, credit insurance and
technical assistance services.
It helps fund small- and
medium-scale exporter-entrepreneurs through a lending window worth
P450 million. The volume of loan releases for SME-related industries
benefiting from the lending man-date of PhilExim went up by 52
percent in 2006.
The agency also assures speedy
and unobstructed access to trade finance for viable exporters,
specially the small and medium entrepreneurs, and employment in the
export sector. The objective is to stimulate, increase and develop
the export of goods and services.
In addition, PhilExim provides
insurance cover, credit and ap-propriate services to facilitate the
export of Philippine goods or services by any entity, enterprise or
corpo-ration organized or licensed to engage in business in the
Philippines.
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