MANILA, Philippines - The government won’t be able to deliver on its promise to release an additional P100 million for export promotions.
Trade Secretary Jesli A. Lapus said the Department of Budget and Management (DBM) could not find available funds.
“They [DBM] said the situation is tight right now,” Lapus said.
It was Lapus, who requested the DBM for the fund to support the promotional activities of exporters.
There was a previous P1-billion export-support fund, although only 24 projects have been approved for financing.
Of the P200-million approved projects, the government has so far released only P51.148 million.
The government later opted for realigning the balance to projects that would mitigate the effects of the recent calamities. Whether or not these projects were completed is not known.
Lapus said with funding from DBM not available, only projects related to the garments industry could get allocations, as the defunct Garments and Textile Export Board (GTEB) still has some available funds.
Garments and textile exporters used to pay some amount to the GTEB for their quota allocations. The GTEB was dissolved following the end of the quota regime in 2005.
Also, as a consolation, Lapus said the rules for the release of the P200-million worth of approved projects have been relaxed, allowing the exporters to immediately get 50% of the cost.
Previously, the exporters were only able to reimburse promotional expenses if they could show proofs, such as receipts and documentations.
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