PhilExim launches new credit, guarantee programs
August 20, 2002 | 12:00am
The Philippine Export-Import Credit Agency (PhilEXIM) also known as MIDCORP has designed a full range of credit and guarantee programs to meet the growing needs of the countrys exporting industries and sectors, PhilEXIM president Joel C. Valdes said yesterday.
Formerly known as Philguarantee, PhilEXIM also has direct lending programs for the short term, medium and long term requirements of these sectors. Thus, with these range of assistance and loan packages PhilEXIM is now in a very strategic position to assist direct and indirect exporters explore and take advantage of opportunities that will enhance and promote the operations of their respective enterprises.
Among the guarantee programs now being extended by PhilEXIM to the export sector include guarantee for small and medium enterprises (SMEs) who lack collateral to secure preshipment working capital from any of PhilEXIMs participating financial institutions (PFIs); a postshipment guarantee to cover bills on purchases brought about by the same export transaction; and an automatic guarantee coverage on preshipment and postshipment export loans under the two mentioned guarantee programs without the need for a prior guarantee from PhilEXIM.
Other guarantee programs cover medium and long term loans to small exporters who availed of its preshipment or postshipment guarantee program and those extended to medium and large exporters by PhilEXIMs PFIs; a guarantee program on l oans to medium and large exporters and other domestic program on loans to medium and large exporters and other domestic enterprises to finance export, manufacture or rendering of services to promote export and import substitution industries; guarantees on foreign loans to finance developmental projects especially export oriented industries, BOI-registered firms, public utilities and other industries in the priority sectors of the government; and an omnibus guarantee program on short-term trade related loans granted by banks to direct and indirect exporters.
PhilEXIM even has a guarantee program on loans to exporters, particularly SMEs, to finance their participation in international trade fairs and expositions as well as domestic expositions being visited by foreign buyers.
On the other hand, PhilEXIM has also designed an export credit insurance program to protect against risk of non-payment by their foreign buyers of export shipments on credit and a domestic credit insurance to insure the receivables a multinational firm and their subsidiaries overseas against non-payment by buyers located in the subsidiaries countries.
Formerly known as Philguarantee, PhilEXIM also has direct lending programs for the short term, medium and long term requirements of these sectors. Thus, with these range of assistance and loan packages PhilEXIM is now in a very strategic position to assist direct and indirect exporters explore and take advantage of opportunities that will enhance and promote the operations of their respective enterprises.
Among the guarantee programs now being extended by PhilEXIM to the export sector include guarantee for small and medium enterprises (SMEs) who lack collateral to secure preshipment working capital from any of PhilEXIMs participating financial institutions (PFIs); a postshipment guarantee to cover bills on purchases brought about by the same export transaction; and an automatic guarantee coverage on preshipment and postshipment export loans under the two mentioned guarantee programs without the need for a prior guarantee from PhilEXIM.
Other guarantee programs cover medium and long term loans to small exporters who availed of its preshipment or postshipment guarantee program and those extended to medium and large exporters by PhilEXIMs PFIs; a guarantee program on l oans to medium and large exporters and other domestic program on loans to medium and large exporters and other domestic enterprises to finance export, manufacture or rendering of services to promote export and import substitution industries; guarantees on foreign loans to finance developmental projects especially export oriented industries, BOI-registered firms, public utilities and other industries in the priority sectors of the government; and an omnibus guarantee program on short-term trade related loans granted by banks to direct and indirect exporters.
PhilEXIM even has a guarantee program on loans to exporters, particularly SMEs, to finance their participation in international trade fairs and expositions as well as domestic expositions being visited by foreign buyers.
On the other hand, PhilEXIM has also designed an export credit insurance program to protect against risk of non-payment by their foreign buyers of export shipments on credit and a domestic credit insurance to insure the receivables a multinational firm and their subsidiaries overseas against non-payment by buyers located in the subsidiaries countries.
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