PhilExim is a line agency of the Department of Finance (DOF) mandated to promote trade and investments through sovereign and financial guarantees as well as direct credit, insurance and technical assistance.
Valdes reportedly recommended National Treasurer Sergio Edeza as his immediate replacement. The PhilExim post is a Presidential appointment.
However, Edeza had also submitted his letter of resignation to President Arroyo effective Jan. 15, but was reportedly extended until end February this year.
Insiders said that Rolando Alonzo, PhilExim executive vice president could act as officer-in-charge (OIC) until the end of the May elections while Edeza can be president and CEO in a concurrent capacity until the end of February.
"He may accept the new post or finally leave public service," Finance officials said.
PhilExim officials revealed that Valdes resigned due to pressing family problems. "His son is asking for him," they said.
So far, PhilExim has extended at least $165 million in guarantees for small and medium enterprises (SMEs) as well as large scale manufacturers. Data regarding total direct loans, guarantees, insurance extended and other programs covering the whole of 2003 were still being approved by the DOF.