MANILA, Philippines - The Department of Budget and Management has released P98.5 million to cover the operational requirements of the Center for International Trade Expositions and Missions (CITEM) in line with government’s efforts to boost global interest in the Philippines and showcase world-class Filipino craftsmanship.
A little more than half of the funds would support CITEM’s participation costs in international trade events, as well as the 60th Manila FAME and Design Week scheduled this month.
FAME is the country’s annual design and lifestyle event that showcases locally made furniture and products in the world market.
This occasion will provide opportunities for small and medium scale entrepreneurs (SMEs), artisans, and manufacturers to feature their creations to the local and international audience.
About P37 million will cover international events, while the rest will be for CITEM’s trade promotion activities.
“The Philippines has gained recognition for being one of the best performing economies in Asia. The upcoming Manila FAME and Design Week will help keep the country on the world stage by showcasing homegrown talent and promoting globally competitive export products,” DBM Secretary Florencio Abad said.
Prior to this release, the government had released P60.9 million during the first quarter of this year, bringing the total amount disbursed to P159.4 million or 84 percent of the P190.4 million appropriated from the 2014 General Appropriations Act for CITEM.