Philippine Export-Import Credit Agency

The Philippine Export-Import Credit Agency (PhilEXIM), also known as the Trade and Investment Development Corporation of the Philippines (TIDCORP), is a government financial institution attached to the Department of Finance. The Corporation was established on January 31, 1977 by virtue of [http://www.lawphil.net/statutes/presdecs/pd1977/pd_1080_1977.html Presidential Decree No. 1080] , and it was later granted expanded functions under [http://elibrary.supremecourt.gov.ph/republic_acts.php?doctype=Republic%20Acts&docid=a45475a11ec72b843d74959b60fd7bd645ee0086eea4f Republic Act No. 8494] on February 12, 1998. In acknowledgment of its critical role in providing a wide range of financial services, the Corporation was designated as the country's official Export-Import Credit Agency through Executive Order No. 85 dated March 18, 2002.

Mandate

It is the policy of the State to encourage and promote the expansion of Philippine exports and to establish a strong and credible export credit institution which shall be dedicated to the provision of export financing facilities and services to support the country’s export sector.

Mission/Vision

To stimulate, increase and develop the export of goods and services, and to facilitate investment in strategic sectors for the country’s development by extending guarantees, insurance, credit and related technical assistance services to viable enterprises.

Evolve into a viable, full-service Export Credit Agency, providing a wide range of trade and investment financing services, enabling Philippine enterprises to effectively compete in the global market.

Objectives and Functions

PhilEXIM's corporate objective is contribute to the country’s economic development by providing loans, guarantees, credit insurance and technical assistance services to the export sector as well as the priority industries of the government. Its institutional programs and services aim to support projects in priority areas of the National Government where the country has a distinct advantage and where foreign exchange may be generated and/or saved.

PhilEXIM's functions to guarantee approved foreign loans for developmental purposes, having special regard to the needs of export-oriented industries, [http://www.boi.gov.ph Board of Investment] (BOI)-registered industries, public utilities and industries, the promotion of which is encouraged by government policy to guarantee Philippine banking and financial institutions against loss that may be incurred in connection with the grant of loans / credit accommodations to exporters, producers of export products or contractors with approved service contracts abroad, organized or licensed to engage in business in the Philippines;

To extend direct loan or other credit facilities to any person or entity for the financing of export contracts and foreign trade transactions; To provide insurance cover, credit and appropriate services to facilitate the export of Philippine goods or services by any entity, enterprise or corporation organized or licensed to engage in business in the Philippines;

To enter into any contract of re-insurance with any organized export credit agency or insurance organization; and

To provide technical assistance in the preparation, financing, execution of development or expansion programs, including the formulation of specific project proposals.

Policy Statement

PhilEXIM shall endeavor to contribute to the country’s economic development; to stimulate, increase and develop the export of goods and services; to stimulate investments and to assist projects in support of exports, and where foreign exchange maybe generated and/or saved.

Ferry

On September 24, 2007, Philippine Export-Import Credit Agency (PhilEXIM) inaugurated a P135-million ferry project (between Cavite City and SM Mall of Asia). PhilEXIM President Virgilio R. Angelo stated that it guaranteed the loan of Metrostar Ferry, Inc. (Metrostar) for the government’s Manila Bay Transport Project. Angelo stated that the ferry service would also open in the Cavite City-Luneta Boardwalk-Del Pan Bridge waterway. 20,000 riders are expected to benefit (cost of P60-70, 6:30 am until 7:00 pm). [ [http://business.inquirer.net/money/breakingnews/view_article.php?article_id=90399 Inquirer.net, PhilEXIM unveils P135-M ferry project for Metro Manila] ]

External links

* PHILEXIM website: [http://www.philexim.gov.ph www.philexim.gov.ph]
* [http://www.lawphil.net/statutes/presdecs/pd1977/pd_1080_1977.html Presidential Decree No. 1080] (Republic of the Philippines)
* [http://elibrary.supremecourt.gov.ph/republic_acts.php?doctype=Republic%20Acts&docid=a45475a11ec72b843d74959b60fd7bd645ee0086eea4f Republic Act No. 8494] (Republic of the Philippines)

References