Local businesses with exporting or importing transactions with Canadian companies can benefit from additional financing.
The Export Development Canada (EDC), through its representation in Singapore, provides regional support to Canadian firms planning on or currently doing business in the Philippines.
“We provide insurance and financial services, bonding products and small business solutions to Canadian exporters and investors and their international buyers,” said M. Chia Wan Liew, regional manager for Asia of the International Business Development unit of the EDC, in a briefing session during his recent visit to Manila.
Liew identified the various financial products being offered by the credit agency, including the accounts receivable insurance meant to protect the Canadian firms against their foreign buyer’s failure to pay or access to working capital.
He said it is also implementing an export guarantee program that provides company’s bank with loan guarantees to finance their export contracts.
The foreign buyer financing, on the other hand, offers direct financing to overseas customers of Canadian exporters, he said.
Liew said such product offers flexible financing options for foreign buyers, noting they ask collateral for direct finance.
“The Philippines is an active financing market for us in the Southeast Asia,” he noted.
In the Philippines, the EDC already assisted 85 Canadian companies, insured 236 international buyers and facilitated 204.66 million Canadian dollars in business volume. The EDC supported businesses in 195 other countries.
Major buyers in key sectors of agriculture, mining and metals, telecommunication and construction and infrastructure benefited from the support.
Apart from these financial products, the credit agency is facilitating matchmaking opportunities with foreign buyers and market presence, he added.
— Danielle Venz, Reposted from PHILEXPORT News and Features