Five banks signed trade finance agreement with ADB
The Asian Development Bank is making funds available to Philippine traders via its $1-billion regional facility. To help traders get access to this fund, the ADB signed a trade finance agreement with five banks – Development Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Rizal Commercial Banking Corp. and Allied Banking Corp.
The country’s first trade finance agreements was created to provide support to Philippine companies engaged in international trade. The title of the credit facility is ADB’s Trade Finance Facilitation Program (TFFP).
ADB’s Private Sector Operations Department Director General Philip Erquiaga believes that by providing small and medium sized companies, especially those in the manufacturing sector, they will be able to expand and employ more workers, thereby help in the alleviation of poverty in the country.
The program also helps link banks and companies in developing economies with their counterparts in other developing and developed economies. This would build relationships and spur job-creating business opportunites and knowledge sharing that will help banks and their clients on longer term.
February 23, 2010
Tags: ADB, bank, banking, finance, funds, money, Philippine Posted in: Announcement, Corporations, Loans, Opportunities, Philippine banks, Philippine business news, Philippines, banking, economy, finance, money
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