Philexport to embark on re-lending program-A A +A
Wednesday, October 23, 2013
THE Philippine Exporters Confederation Inc. (Philexport-Davao) is embarking on a P58-million project that seeks to benefit its members.
In his report during the Philexport 2nd General Membership Meeting at the Grand Regal Hotel on October 18, Philexport-Davao president Ferdinand Y. Maranon said they have applied for a P50 million relending program with the Philippine Export-Import Credit Agency (Philexim) and another P8 million shared service facility (SSF) funding from the Department of Trade and Industry (DTI).
He later told reporters in an interview that the relending program will give their small and medium enterprises (SMEs) export members more access to funds, adding this will be the first they will be having a program like this with Philexim.
"We are applying for this because some of our SME members have no or little access to the banks for loans. Another is that banks sometimes won't lend to the new exporters since they are still new and have no proper track record yet," he said.
Philexport applied for the relending program in July this year and they are hoping that it will be approved before the year ends.
At least 25 SMEs will benefit from the program if they loan P2 million each and 50 will benefit if each will loan P1 million. They have a total of 108 members in the organization.
The applications for loan will be on a first come first serve basis. They will also be organizing a committee of three persons to process the application.
The P8-million SSF program they have applied with DTI will be laboratory that will analyze food products for export for any contamination. The facility will be named the Philexport Analytical Laboratory.
"The laboratory will help determine whether the processed foods or food products will have any contaminants. This will also help determine if the product will be acceptable to the buyers standards," he said.
Marañon said they have applied for the SSF two months ago and are hoping that it will be approved before the year ends. The amount they asked for is P6 million for the laboratory equipment and P2 million for the facility. They are looking for a place to rent in the city for the laboratory.
Published in the Sun.Star Davao newspaper on October 23, 2013.