The Philippine Export-Import Credit Agency (PhilEXIM) has approved a package of measures that would reduce the cost to exporters of subscribing to its lending facilities.
PhilEXIM president and chief executive officer Eduardo Sergio G. Edeza said its board decided to bring down the processing fee charged by the company to its borrowers by as much 80 per cent.
From a cost of US$200, Edeza said it was lowered to P2,000 (US$36), the processing fee for exporters subscribing to Export Credit Insurance (ECI).
"This is our contribution to the exporters, who need support to enhance their competitive advantage," Edeza said.
An exporter saves a substantial amount – P9,140 – in processing fee from US$200, which is about P11,140, using the exchange rate of P55.70 to a dollar, or 82.05 per cent less.
