Article: DBP, PHILEXIM ink accord for SME loans -
30 Mar 2007
DBP recently signed an agreement with the Philippine Export-Import Credit Agency (PHILEXIM) to guarantee the latter’s small business loans under its master guarantee program.
President David said the Bank’s entry into the PHILEXIM guarantee program will help the Bank facilitate more loans to small and medium enterprises (SMEs). He added that this will enable DBP to more vigorously pursue its financing thrust towards the development of the SME sector in the country.
Last year, DBP’s assistance to small and medium enterprises reached P11 billion, exceeding the P10-billion target set under the SME Unified Lending Opportunities for National Growth (SULONG) program. Of the amount, P7.7 billion or 69.7 per cent was directed to the countryside, with Central Luzon and Southern Tagalog garnering the biggest amount of assistance with P1.6 billion and P1.2 billion, respectively.
A financial institution attached to the Department of Finance, PHILEXIM aims to stimulate the export of goods by providing loans, guarantees, credit insurance and technical assistance services to viable small and medium entrepreneurs.
President David and PHILEXIM president Virgilio Angelo congratulate each other after the signing ceremony. Looking on are PHILEXIM executive vice president Eugenia Sinnung and SEVP Edgardo Garcia.
Posted By: DBP
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