filipino globe money matters
May 2008
27
Rice crisis takes back seat to global food fair
Turning the recent spate of This year marks the exhibit’s The show will feature
warnings on food crisis into fifth edition with a remarkable beverages, organic and natural
opportunity, 300 Philippine selection of products from products, fine food and regional
food companies will join domestic and international gastronomic delights, biscuits,
the government-organized producers and suppliers. snacks, and confectioneries.
International Food Exhibition “We want to expose our Also on tap are fresh and
Philippines at the SMX products to potential foreign processed fruits and vegetables,
Convention Center. and local buyers,” said Edgardo meat, poultry and marine
Ifex Philippines is organized Anacan Jr, president of Seamaxx products, as well as a number of
by the Center for International Enterprises, a local manufacturer food-related services.
Trade Expositions and Missions, of coffee, chocolate mixes and More than 1,000 trade buyers
an agency under the Department herbal tea beverages. are coming from Australia,
of Trade and Industry. It aims “We also want to expand our Canada, China, Europe, Japan,
to explore market potential of product base globally especially Korea, Malaysia, Singapore,
Philippine-made food products. in western countries.” Thailand, Taiwan and the US.
A housing backlog is expected to ease with the launch of the micro-finance product by DBP and the Housing and Urban Development Coordinating Council.
DBP offers housing micro-loans
Product to allow low-income applicants to buy property with no collateral, less paperwork
The Bangko Sentral ng Pilipinas ex-
Loans for buying
pects the housing backlog to ease
after the launch of a housing microfi- house and lot will
nance product.
BSP governor Amando Tetangco
be at a maximum
Jr (right) gave the assessment after
of P300,000
launching the product, which will
benefit more than three million small
while those for
entrepreneurs.
The product is being offered jointly
renovations will
by the Development Bank of the Phil-
ippines and the Housing and Urban
be capped at
Development Coordinating Council.
P150,000
Tetangco said microfinance experts
have praised the product “as a break-
them, such as daily or
through that combines the best prac-
weekly.
tices and principles of microfinance
BSP deputy gover-
with the peculiarities of housing fi-
nor Nestor Espenilla
nance.”
earlier said the prod-
He said the central bank’s approval
uct, which is a combi-
of the housing microfinance as a type
nation of housing and
of microfinance loan, “is important as
microfinance, is the first in the world.
it will enjoy the same incentives as
Banks tapped to offer the product
regular microfinance loans”.
are rural and thrift banks as these are
These incentives include no collat-
the ones providing small loans.
eral requirement and simpler paper-
Participating institutions will re-
work.
ceive incentives.
“In other words, this housing mi-
These include allowing the micro-
crofinance addresses the usual bar-
finance housing loans as alternative
riers that the poor face in accessing
compliance to the Agri-Agra Law,
housing finance,” he said.
otherwise known as Presidential De-
BSP and HUDCC signed an agree-
cree 717.
ment in April on the implementation
The decree provides for enhanced
of the product.
credit opportunities for the agricul-
Under the program, loans for ac-
ture sector.
quisition of house and lot will be at
“I am confident that we will see
a maximum of P300,000 while those
a significant increase in affordable
for renovations will be capped at
housing finance that caters to the
P150,000.
needs of the poor in a sustainable and
Beneficiaries are allowed to pay
non-subsidized manner,” Tetangco
their loan at a pace convenient to
said.
Thai group to invest in Cebu
A group of Thai businessmen has of the Textile Manufacturers
picked Cebu as a possible location Association of Thailand, said the
for its expanding textile and group visited Cebu to explore
garments industry. investment opportunities.
The delegation, composed of Jose Ng, honorary trade advisor
representatives from the Thai textile of Thailand to the Philippines, cited
and garments industry, met with their Cebu cost advantage,
counterparts from the Cebu Chamber He said the P250 minimum wage
of Commerce and Industry. in Cebu is competitive with labor
Kumjorn Chuenchoochit, director rates in Thailand.
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