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Friday, August 23, 2002
Philexim guarantee seen to ease loan terms for exporters, importers
By Jessica B. Natad
BANKS are expected to loosen up their loan requirements for the export and import sectors with the government now acting as guarantor to the loans taken by the sector.
According to Philippine Export-Import Credit Agency or Philexim (also known as the Trade and Investment Development Corp.) president Joel Valdes, the government is now offering the sovereign guarantee to loans of importers and exporters. This means the government will shoulder the responsibility of the loan taker in cases of default.
“This would increase the access to credit of importers and exporters because banks are expected to loosen up their requirements, as the risk of granting loans is mitigated,” he said during the membership meeting of the Cebu Furniture Industries Foundation Inc. (CFIF) at the Cebu City Marriott Hotel.
Philexim, an attached agency of the Department of Finance, is now aggressively encouraging exporters and importers to avail themselves of the credit funds offered by the government.
Dollar earners
“We are intensively offering direct financing or guarantee programs to exporters because you are our dollar earners and job creators,” Valdes told the CFIF members.
The agency is also willing to supporting the financial needs of exporters in participating in international trade shows to help them develop new markets globally.
Among the other financing programs of Philexim are a maximum of P5 million in direct lending for small enterprises and P40 million for medium-scale businesses.
Philexim also offers direct financing of up to P1.5 million to small and medium enterprises (SMEs) without collateral in its “Special Credit Facility for Export Development.”
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