PhilEXIM declares nearly P100-M in dividends for 2013, remits half to NG

Institution: 
Philippine Export-Import Credit Agency

 

PhilEXIM President and CEO Francisco S. Magsajo (right) gestures in a handshake with H.E. President Benigno S. Aquino III as Vice-President Jejomar C. Binay witnesses the turnover of the Agency's 2013 dividends to the national government during ceremonies held in Malacanang Palace last June 9, 2014.​ The Agency declared close to P100 Million in dividends for CY 2013. Operating highlights include a credit portfolio that reached P15.6 Billion in support of exports, SMEs and priority sectors, as well as net income before tax (NIBIT) of P241 Million during the year.

 

State-owned Philippine Export-Import Credit Agency (PhilEXIM) has declared nearly P100 Million in dividends, of which half has been remitted to the national government during the annual GOCC Dividends Day held in Malacanang on June 9th. In January 2014, the PhilEXIM Governing Board approved the recommendation of Management to declare dividends for the year 2013 in the amount of P94.99 Million. For its 2012 dividend payment, PhilEXIM shall also include P3.61 Million in addition to the P43.85 Million it already remitted to the Bureau of Treasury.

Over the last four-year period, PhilEXIM’s total dividend remittances to the government amounted to P330 Million, reflective of the sustained financial and operational performance of the Corporation. The Agency was one of the 50 corporations that handed over its dividend to President Benigno S. Aquino III in ceremonies held in Malacanang.

“We continue to demonstrate value and shareholder returns as we dispense our role as sovereign guarantor and financial intermediator towards exports and priority sectors,” said President and CEO Francisco S. Magsajo, Jr.

The Corporation’s profitable and viable standing over the last six years contributed to the government’s revenue generation efforts, with total revenues of P3.4 Billion and cumulative net profitof P1.01 Billion. In 2013, it generated P154 Million in net income.

Pursuant to R.A. 7656, government owned or controlled corporations (GOCCs) are required to remit half or part of their income to the national government for development projects in the country.

PhilEXIM, also known as the Trade and Investment Development Corporation of the Philippines, is a GOCC attached to the Department of Finance. Created in 1977 through Presidential Decree No. 1080, as amended, the Agency is mandated to assist in the development of exporters and priority sectors of the economy such as but not limited to manufacturing, tourism, infrastructure, SMEs, power/energy generation, utilities, information technology and logistics.

The Agency is consistently cited by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) for its efforts in pursuing development financing endeavors in the Philippines and in partnership with other institutions and EXIMs overseas.