MANILA, Philippines – President Arroyo ordered yesterday the release of P1 billion next month to help the country’s export industries survive the global economic crisis.
The President gave the directive during the closing ceremonies of the 30th National Conference of Employers (NCE) at the Manila Hotel.
She told the employers that Trade and Industry Secretary Peter Favila with coordinate with the Department of Budget and Management, the Department of Finance and the Presidential Management Staff to secure the release of the P1-billion Export Support Fund.
The President said the agencies would conduct “a final evaluation of the various proposals with the intent of releasing the fund soonest.”
She said the ESF is part of the government’s Economic Resiliency Program to insulate the country from the global recession.
She pointed out that the fund would help the various export groups ride the storm brought about by the global financial meltdown.
The President said the government’s assistance to the export-oriented sector would eventually help the more than 50,000 local workers displaced by the financial crisis.
Favila later told reporters the P1 billion would be used for training of personnel in the export sector, help the export industries secure wider market access abroad, for the conduct of seminars on product design, and fund export missions abroad.
“That’s why we’re reviewing their (exporters) proposals (on how to use the fund). They’re so many,” he said.
He said the value of the proposals reach P1.7 billion and there is a need to coordinate with private groups like PhilExport on the matter.
He said the target of the release is next month.
Favila said funding could be taken from value-added tax proceeds.