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Philexim sees 2011 guarantee business growing 79% to P25B
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State-run Philippine Export - Import Credit Agency (Philexim) said Wednesday it will grow its business by 79 percent by guaranteeing infrastructure and development projects under the Aquino administration's public-private partnership (PPP) scheme.
In a press conference, Philexim president and chief executive officer Francisco Magsajo Jr. said the government-owned and -controlled corporation expects its guarantee business reach P25 billion this year from P14 billion last year.
Philexim’s guarantee business is now at P16 billion, excluding projects in tourism, renewable energy, mining, food production and bulk water that are in the pipeline, Magsajo said.
Formerly the Trade and Investment Development Corp. of the Philippines or Tidcorp, Philexim guarantees foreign loans for development purposes against losses — especially loans given to exporters and contractors.
A Philexim guarantee helps mitigate the creditor bank's risk and enhance its collateral position.
Its guarantee carries the full faith and credit of the Republic of the Philippines.
Capital build up
"The agency's program this year is aligned with the agenda of President Aquino on investment opportunities in basic metal production, power generation, business outsourcing, and general infrastructure spending as well as the government's PPP program," Magsajo said.
The company is now negotiating with the national government and the Bangko Sentral ng Pilipinas for a capital build up program to raise P5 billion in Tier 1 capital over the next five years.
Every P1 billion in additional capital translates to P25 billion worth of guarantees, Magsajo said.
This year, Philexim would like to extend up to P1 billion in loans to small and medium enterprises of which P500 million have already been released.
Despite its growing business, Philexim said its earnings will likely drop 56 percent to P145 million this year from P332 million last year.
According to its unaudited report, net profit jumped 128 percent in 2012.
"For three consecutive years, the agency continued to exhibit remarkable performance as never been achieved in previous years, which only validates the soundness of the [it] business model," Philexim said.
Magsajo said Philexim remitted P216 million worth of dividends to the national coffers last year. Prior to that, that company was able to remit only P53 million.
State-run Philippine Export - Import Credit Agency (Philexim) said Wednesday it will grow its business by 79 percent by guaranteeing infrastructure and development projects under the Aquino administration's public-private partnership (PPP) scheme.
In a press conference, Philexim president and chief executive officer Francisco Magsajo Jr. said the government-owned and -controlled corporation expects its guarantee business reach P25 billion this year from P14 billion last year.
Philexim’s guarantee business is now at P16 billion, excluding projects in tourism, renewable energy, mining, food production and bulk water that are in the pipeline, Magsajo said.
Formerly the Trade and Investment Development Corp. of the Philippines or Tidcorp, Philexim guarantees foreign loans for development purposes against losses — especially loans given to exporters and contractors.
A Philexim guarantee helps mitigate the creditor bank's risk and enhance its collateral position.
Its guarantee carries the full faith and credit of the Republic of the Philippines.
Capital build up
"The agency's program this year is aligned with the agenda of President Aquino on investment opportunities in basic metal production, power generation, business outsourcing, and general infrastructure spending as well as the government's PPP program," Magsajo said.
The company is now negotiating with the national government and the Bangko Sentral ng Pilipinas for a capital build up program to raise P5 billion in Tier 1 capital over the next five years.
Every P1 billion in additional capital translates to P25 billion worth of guarantees, Magsajo said.
This year, Philexim would like to extend up to P1 billion in loans to small and medium enterprises of which P500 million have already been released.
Despite its growing business, Philexim said its earnings will likely drop 56 percent to P145 million this year from P332 million last year.
According to its unaudited report, net profit jumped 128 percent in 2012.
"For three consecutive years, the agency continued to exhibit remarkable performance as never been achieved in previous years, which only validates the soundness of the [it] business model," Philexim said.
Magsajo said Philexim remitted P216 million worth of dividends to the national coffers last year. Prior to that, that company was able to remit only P53 million.
original source: http://www.gmanews.tv/
