RP may set up export bank

RP may set up export bank

MANILA (AFP): President Joseph Estrada said Tuesday the
Philippine government may set up a special bank for export
finance using US$1 billions in aid from the Japan Bank for
Industrial Cooperation.

A palace statement quoted Estrada as saying that the Japan
Bank for Industrial Cooperation itself had suggested the creation
of the special bank to meet the long-term requirements of
Philippine exporters.

"The establishment of a Philippine Eximbank (export-import
bank) is needed to boost the growth of the Philippine export
industry," Estrada was quoted as saying, adding that Finance
Secretary Edgardo Espiritu had been assigned to pursue further
talks on how to set up this bank.