Philexim to remit record P217M to national coffers
MANILA, Philippines - State-run Philippine Export-Import Credit Agency (Philexim), formerly Trade and Investment Development Corp. of the Philippines (Tidcorp), is set to remit a record P217 million to the national coffers after its earning more than doubled last year on the back of the banner performance of the country’s banking industry.
Philexim made an initial remittance of P150 million last Jan. 28 when Finance Secretary Cesar Purisima and Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. led a ceremony wherein P29 billion worth of dividends from government-owned and controlled corporations (GOCCs) and government finance insitutions (GFIs) were turned over to President Aquino.
The remaining P67 million would be remitted after the completion of the annual audit report of the Commission on Audit (COA).
The institution reported that its net income jumped 128 percent to P333 million last year, marking the third consecutive year that Philexim posted earnings validating the soundness of the agency’s business model.
“The outstanding net result in the agency’s performance despite weak capital position to a benchmarked company in 2010 is proof of its corporate worth. The introduction of reforms in core business development, financial intermediation, balance sheet management, remedial action, operating efficiency and risk management, among others, is a critical management intervention that ushered in the transformation of the company,” Philexim said in a statement.
Data showed that the bank’s core income expanded by 25 percent to P364 million last year from P290 million in 2009 while its revenues jumped 45 percent to P673 million from P465 million.
The bulk of its earnings came from new and existing projects in power, agri-modernization, infrastructure, steel manufacturing, food production and other export products, among others.
Since it was created in 1977, Philexim has remitted a total of P53 million in dividends to the national coffers in four separate years.
Philexim was established in 1977 as the Philippine Export and Foreign Loan Guarantee Corp. (Philguarantee) by virtue of Presidential Decree 1080. It was later renamed TIDCORP and granted expanded functions by Republic Act 8494 on Feb. 12, 1998.
PhilEXIM ‘s creation is in response to the need to pursue the policy of the State to encourage and promote the expansion of Philippine exports and to establish a strong and credible export credit institution which shall be dedicated to the provision of export financing facilities an services to support the country’s sector.
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