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THE
Philippine Export-Import Credit Agency (PhilExim) has
decided to sell bonds to have the funds to expand its
direct lending and guarantee operations, according to
the National Economic and Development Authority (Neda).
Neda
Acting Director General Augusto Santos said the initial
bond issue would be worth P1 billion. He added PhilExim,
which provides insurance cover, credit and other
appropriate services to facilitate the export of goods
and services, has the power to issue bonds.
The
PhilExim Board is chaired by Finance Secretary Margarito
Teves, who recently swore into office Francisco Magsajo
Jr. as the new president and chief executive officer of
PhilExim.
PhilExim
is also known as the Trade and Investment Development
Corp. of the Philippines (Tidcorp) and is attached to
the Department of Finance. It was established on January
31, 1977 as the Philippine Export and Foreign Loan
Guarantee Corporation (Philguarantee) by Presidential
Decree 1080.
It was
later given expanded functions by Republic Act 8494 on
February 12, 1998 and re-named PhilExim through
Executive Order 85 dated March 18, 2002.
Among
its capabilities are the authority to enter into any
contract of reinsurance with any organized export credit
agency or insurance organization and provide technical
assistance in the preparation, financing, execution of
development or expansion programs, including the
formulation of specific project proposals.
Recently, a unit of publicly-listed information
technology company IPVG Corp. secured a Philexim credit
guarantee, which allowed the company to borrow money
from banks to fund its operations and expansion of its
Internet data center in RCBC Plaza, which is a Peza-accredited
building. |
