TIDCORP profitable; not among scam-tainted GOCCs
State-owned Trade and Investment Development Corporation of the Philippines (TIDCORP), also known as the Philippine Export-Import Credit Agency (PhilEXIM), has defended its sustained profitability, its officials said.
TIDCORP President and CEO Francisco S. Magsajo, Jr. explained that being an attached agency of the Department of Finance, its financial and operational viability continues to support the government’s development agenda. He said the Agency’s P1.01 Billion cumulative net profit performance over the last six years is a demonstration of its value-add to the national economy. It has also consistently remitted dividends to the national government, he further declared.
“Our existence as a development financial institution in over three and a half decades, particularly during the last six years, have been nothing less remarkable. We operate on self-sustainability as this has been the hallmark of our strong financial and corporate governance.
Our 108-strong personnel are among the millions of government workers who tirelessly work hard to achieve our pursuits,” said Magsajo. The Corporation, he added, never received any subsidy from the national government neither in 2013 nor in its prior years of operations. In fact, Magsajo stated, TIDCORP continues to request from its principal stakeholder the equity balance of P4.5 Billion out of its P10 Billion capitalization under the TIDCORP Charter. He denied that TIDCORP contributed any “strain on public coffers”.
Magsajo explained that from 2008 to 2013, the aggregate business growth generated thru the credit intermediation efforts of TIDCORP in guarantees and lending was at 18%, where at one point, it went even as much as 102%.
TIDCORP has been listed as one of the 19 losing GOCCs under a bill filed by Cagayan de Oro Rep. Rufus Rodriguez and his brother, partylist Rep. Maximo Rodriguez which seeks to abolish these agencies for either being underperforming or involved in the recent pork barrel scam. Magsajo defended the Agency’s professional track record in fulfilling its mandate of financial intermediation to the banking sector, the SMEs and priority industries.
“The Agency has nothing to do whatsoever in any pork barrel scam,” the TIDCORP chief said.
Philippine Export-Import Credit Agency (PhilEXIM)
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