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STATE-OWNED Philippine Export-Import Credit Agency (Philexim)
said Wednesday that it may call for the cancellation of bonds given
to government-owned and controlled- corporations (GOCCs) and private
companies if the conditions under the guarantee agreement are not
followed.
Finance Undersecretary Roberto B.
Tan said the government may suspend guarantees extended to state-run
firms and private companies that fail to follow the conditions set
under the guarantee agreement.
Tan added it is necessary to
defend government’s resources so that the Department of Finance
can closely scrutinize the viability of projects that need
government guarantees.
The DOF-attached company has
recently appointed Francisco Magsajo Jr. as the new president and
chief executive of Philexim replacing Virgilio Angelo, who is now
chairman of Small Business Guarantee and Finance Corp.
Philexim earlier held up the
government guarantee to P500-million loan being sought by mining
contractor Platinum Group Metals Corp. from Deutsche Bank and
Philippine Veterans Bank when it became evident during a loan
guarantee review that the Palawan Mine site used by the firm as
collateral is subject to court disputes.
--Chino S. Leyco
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