Lippo to set up bank in RP

Lippo to set up bank in RP

MANILA (AFP): Lippo Group has signed an agreement with the
Philippine Exporters' Confederation (Philexport) to jointly
establish a Philippine Export-Import Bank, a Filipino official
said yesterday.

Philexport president Sergio Ortiz-Luis said the agreement was
signed by the exporters confederation and Medco Holdings Inc.,
which represented the Lippo Group.

Ortiz-Luis said the Export-Import Bank aimed to improve the
competitiveness of local exporters by providing expanded credit
facilities, serving as a conduit for official development
assistance and protecting exporters from foreign exchange rate
fluctuations.

The Eximbank would have a capitalization of 1.2 billion pesos
(US$46 million), Ortiz-Luis said.

Philexport would own 70 percent of the joint venture, while
the Lippo Group would control 30 percent, he said, adding that
the local Export Import was expected to start operations sometime
in 1996.