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.