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DBM lacks funds to support exporters promotional activities
02 Jun '10
2 min read
The government of Philippines would not be able to fulfill its promise of releasing an additional P100 million for export promotions.
The Department of Budget and Management (DBM) is currently experiencing a tight spot and does not have funds available with them, as told by DBM to Jesli A. Lapus, Trade Secretary.
It was Lapus who had urged DBM to allocate funds for exporters' promotional activities. Earlier there did exist, P1-billion export-support fund, however, only 24 projects were approved for financing.
The government has released only P51.148 million worth of projects, so far, out of the P200-million worth of approved projects. With no funds available with DBM, only the apparel industry projects can avail of the allocated funds, as some amount of funds are still available with the defunct Garments and Textile Export Board (GTEB).
The clothing and textile exporters of the country were paying some amount to this board for their quota allocations. However, after the end of the quota regime in the year 2005, the board witnessed dissolution.
The rules for releasing approved projects worth P200-million have been relaxed, facilitating the industry exporters to obtain 50 percent of the cost. Earlier, the exporters could only avail the reimbursement of promotional expenses after presenting the proofs, such as receipts and documentations.
The Department of Budget and Management (DBM) is currently experiencing a tight spot and does not have funds available with them, as told by DBM to Jesli A. Lapus, Trade Secretary.
It was Lapus who had urged DBM to allocate funds for exporters' promotional activities. Earlier there did exist, P1-billion export-support fund, however, only 24 projects were approved for financing.
The government has released only P51.148 million worth of projects, so far, out of the P200-million worth of approved projects. With no funds available with DBM, only the apparel industry projects can avail of the allocated funds, as some amount of funds are still available with the defunct Garments and Textile Export Board (GTEB).
The clothing and textile exporters of the country were paying some amount to this board for their quota allocations. However, after the end of the quota regime in the year 2005, the board witnessed dissolution.
The rules for releasing approved projects worth P200-million have been relaxed, facilitating the industry exporters to obtain 50 percent of the cost. Earlier, the exporters could only avail the reimbursement of promotional expenses after presenting the proofs, such as receipts and documentations.
Fibre2Fashion News Desk - India
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