Marcos revamps Philguarantee

PNA photo

MANILA, Philippines — President Marcos has ordered the reorganization of the board of directors of the Philippine Guarantee Corp., a government-owned and -controlled corporation mandated to provide credit guarantees to support trade, investments and other priority sectors of the economy.

Signed on March 27 by Executive Secretary Lucas Bersamin, Executive Order No. 85 cited the Governance Commission for GOCCs’ recommendation to reorganize Philguarantee’s board of directors “to ensure that it is competent to carry out all its powers, functions and responsibilities.”

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A government corporation attached to the Department of Finance, Philguarantee was the result of the merger of the Home Guaranty Corp. and the Philippine Export-Import Credit Agency as provided for in Executive Order No. 85 issued in 2018.

Under the order, Philguarantee’s board of directors will be chaired by the finance secretary. Its members are the trade secretary, secretary of the National Economic and Development Authority, agriculture secretary, human settlements secretary and four representatives from the private sector.

One of the private sector representatives should come from the export sector. —Julie M. Aurelio