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Thursday, March 30, 2006
Agency offers P450M loan to SMEs, subcontractors
The Philippine Export-Import Credit Agency (Philexim) has set aside this year P450 million in direct loans to small, medium and large enterprises in the country.
“We want Cebu to account for a big part of that. Over the years, Cebu has been home to us. Our mandate is to help develop the export community, especially the SMEs (small and medium enterprises) and the subcontractor industry,” Virgilio Angelo, president and chief executive officer of Philexim, said in an interview.
Strong
Cebu’s furniture, jewelry, accessories, gifts, toys and hardware manufacturing industries are strong, he said.
Philexim is a government institution that answers the financing needs of Filipino exporters and priority industries, such as infrastructure, ICT, mining and tourism, among others, he explained.
“The exporters industry is facing a very challenging time, especially with the rising value of the peso. We want to help them by extending a more dynamic, wholesale lending program and conducting capacity building workshops that will enhance business competitiveness of exporters,” he said.
Agreement
Angelo spoke during the Gifts, Toys and Houseware Manufacturers and Exporters Association (Cebu-GTH) general membership meeting last Tuesday at the City Sports Club Cebu.
During the meeting, Philexim and Cebu-GTH signed a memorandum of agreement (MOA) that will “start spreading” the objectives of Philexim’s wholesale financing.
Cebu-GTH president Jenifer Cruz said the industry is proud to be the first organization in the Philippines that Philexim is working with for their credit programs.
Benefit
“If things would go on smoothly, all of us will benefit from this credit facility. We will try our best to start this program facility as soon as possible,” he said on his speech.
Philexim Visayas and Mindanao head Alex Arabis said in a separate interview yesterday that the MOA will enable Cebu-GTH to avail itself of Philexim’s wholesale lending. Cebu-GTH can then lend the funds to its qualified members.
“This MOA is in response to a clamor of exporters and subcontractors for a wholesale lending program. And, more importantly, it is a manifestation of our government’s sensitivity towards the needs of our exporters,” Angelo said. (ALC)
For Bisaya stories from Cebu. Click here. (March 30, 2006 issue)
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