|
STATE-RUN Philippine Export-Import Credit Agency (PhilEXIM)
expects to guarantee at least P600 million worth of
projects within the month to up its outstanding
guarantees to P10 billion by year-end.
Virgilio Angelo, PhilEXIM president and
CEO, said they are now facilitating the approval of the
application for sovereign guarantees of several
infrastructure, transport and tourism-relevant accounts,
which he did not identify.
The agency’s outstanding guarantees by
end-November 2007 totaled P9.38 billion, registering a
73- percent growth from the 2006 level.
“Our business generation efforts are
ongoing even as we reach the tailend of 2007. We expect
that beginning next year, we have attained outstanding
guarantees of P10 billion, and this is our significant
contribution to national development,” said Angelo.
Foreign and local financing and
multilateral institutions recognize PhilEXIM’s sovereign
guarantee as a strong credit enhancer, making it a
critical support to sustained growth and development of
major commercial and industrial projects.
For 2008, Angelo said some P12.24
billion in guarantee business is expected to be
generated from road and airport infrastructure, large
exports, tourism and ICT.
In support of clean energy, Angelo said
their upcoming developmental efforts will include carbon
finance, bioethanol development, and support for other
alternative-energy resources.
He said their agency is one of the first
to implement carbon financing through the 25-megawatt,
15-turbine wind-farm facility in Ilocos Norte, the first
in the Philippines and in Southeast Asia.
“Over the last three years, we have
firmly demonstrated that we can respond effectively to
both the call of the government and the private sector
for credit accessibility and project finance assistance,
and it is here where we will be measured in terms of
corporate performance.” |
