Feb 26, 2006
| PhilEXIM allocates P450 million for financing SME development |
| State-owned Philippine Export-Import Credit Agency (PhilEXIM) has made available R450 million to help the government pump prime the development of small and medium entrepreneurs (SMEs) in the export market, officials said yesterday. PhilEXIM President and Chief Executive Officer Virgilio R. Angelo said in line with its business thrust of assisting in the development of the SME sector, PhilEXIM has set aside funds that will cater to the needs of the exporters, who are looking for working capital or business improvement financing. "We are strongly supportive of the government’s pursuit to enhance the business competitiveness and success of the SMEs, especially in the regions," Angelo said. PhilEXIM is in the works for conducting a series of roadshows and regional briefings in key cities to promote the agency’s various guarantee and lending programs. Among the areas to be convered are in Baguio, Bicol region, Cebu, Cagayen de Oro, Bacolod, Davao. Angelo explained that in previous years, the handicraft, fumiture, textile, jewerly, gifts, toys and houseware sectors benefited from PhilEXIM loan financing. He said for 2006, PhilEXIM intends to reach out to more areas in the fresh frutis, high-value crops, agriculture and sugar markets. "With more funds made available, I am certain that our loans will benefit more SMEs. Parallel to this, we are also making sure that along with the funding availability, loan processing, requirements and rates are being made realistic to the needs of the exporters," Angelo said. PhilEXIM SME Account Management officer in charge Everlyn Gatchalian said their group is poised to undertake more aggressive marketing efforts. "We hope to solicit more SME clientele through capacitybuilding workshops as well as enhancements to be undertaken in our financing tools such as our term loan agreements, master guarantee agreements, etc." she said. At the same time, Angelo is inviting more banks to partner with PhilEXIM as it capitalizes on more financial opportunities now being afforded by PhilEXIM. At present, he said, the agency has existing joint agreements with more than 10 universal and commercial banks in the country to enable bank exporter-clients to avail of the financing facilities available in PhilEXIM. |
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