The Philippine Export-Import Credit Agency (PhilEXIM) plans to enhance the insurance protection given to local exporters against risks of nonpayment of shipments that were bought on credit.
Isidro A. Sobrecarey, the agency's executive vice-president, said the institution is in talks with its French partner Coface to increase export credit insurance to local exporters to 90% from 85%.
"We hope we can improve the policy features of [the credit insurance] within the year. We still have to get the approval of Coface on any changes. There has been many sad stories of Philippine exporters not being paid. This will discourage our local manufacturers to enter into the export business," he said.
