Kris Crismundo, PNA | September 28, 2017, 5:20 PM
UK Trade Envoy Richard Graham.
MANILA – Visiting British Prime Minister’s Trade Envoy to the Philippines, Richard Graham, is urging businesses to tap the 4.5-billion-pound credit facility made available by the United Kingdom government to fund businesses in the Philippines.
In a round table discussion, Graham told reporters that the credit facility through the UK Export Finance (UKEF), the credit agency of the UK government, can be used in various sectors.
Graham noted that the UK government has doubled the available credit facility to roughly P307 billion from more than 2.5 billion pounds (around P171 billion).
“That’s a commitment from the UK government,” he said.
He said the UKEF credit facility was tapped by airline companies and port operators who are doing business in the Philippines.
The UK trade envoy cited the Mariveles Dry Bulk Terminal in Bataan of Seasia Nectar Port Services, Inc. (SNPSI) as one of the projects that tapped the UKEF fund.
The project is a joint venture of Seasia Logistic Philippines, Inc. and British firm Nectar Group Ltd. that handles shipments like coal, cement, and steel among others.
Graham said SNPSI is eyeing to expand its Mariveles port operation.
However, he has yet to identify how much of the said credit facility has been used to do business in the country.
Moreover, Graham said the system-wide accreditation of UK meat exports granted by the Philippines will contribute to the increasing bilateral trade between the two countries.
He mentioned that UK beef exporters eye an annual shipment of 34 million euros or around P2.3 billion to the Philippines as the government lifted the ban after 20 years.