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Philexim tapped to guarantee infra fund

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Joel Guinto

MANILA, Philippines — The government will offer a guarantee from the Philippine Export-Import Credit Agency (Philexim) to encourage the private sector to invest in the government’s P100-million infrastructure fund, Trade Secretary Peter Favila said.

Favila said the private sector was “averse to risks” in light of the global meltdown and had asked for a sovereign guarantee, but he said he would instead propose a Philexim guarantee.

The Philexim guarantee scheme would be submitted to President Gloria Macapagal-Arroyo for approval, he said.

“[The proposal] is to get the project proponent to go directly to the institution, say it’s a GFI [government financial institution] or a private fund …. That accommodation, that facility will be backed up by a Philexim guarantee,” Favila told reporters in Malacañang.

Late last year, Arroyo proposed the setting up of a P100-million fund for priority infrastructure projects, half of which will be shouldered by government, while the remaining half will be left to the private sector.

The fund is part of the government’s P330-billion resiliency package for the domestic economy to weather to global recession.

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Written by joelguinto

TueUTC2009-02-17T09:51:26+00:00UTC02bUTCTue, 17 Feb 2009 09:51:26 +0000 22, 2006 at 12:45 am02

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