Philippines

PCI Leasing and Finance Inc. saw its profits drop sharply last year as it moved to set aside funds to cope with a large bad-asset portfolio.

The state-controlled Development Bank of the Philippines (DBP) will launch a new marketplace this month for receivables of small- and medium-sized enterprises (SMEs) to banks and insurance companies-the first of its kind in the country.

The government said it may dump the proposed currency swap deal with the Asian Development Bank if the multilateral agency will not grant a "reasonable" price.

Addressing the Confederation of Central Luzon Rural Banks at a forum in Makati City yesterday afternoon, presidential candidate Raul Roco proposed a comprehensive economic programme that focuses on microfinance and includes the key participation o

President Gloria Macapagal Arroyo has earmarked the release of P20 billion (US$358 million) this year to small- and medium-scale enterprises (SMEs), considered to be the country's growth engines at the community and grassroots levels.

The Department of Trade and Industry (DTI) has insisted that Philippine exports grew by at least 18 per cent last November, and did not go down by four per cent as reported earlier by the National Statistics Office (NSO).

Small- and medium-sized enterprises (SMEs) in the country received a total of P16.65bn (US$300m) in loans last year through the SME Unified Lending Opportunities for National Growth (Sulong) programme.

The growth of small- and medium-sized enterprises (SMEs) and the retention of existing investments in the country amid stronger competition from abroad will be the main focus of newly appointed Trade Secretary Cesar Purisima in his six months in t

Incoming Trade and Industry Secretary Cesar A.V. Purisima said he was optimistic that exports and investments would grow this year despite uncertainty over the May elections, which could keep businessmen on a wait-and-see mode.