MANILA, Philippines — Exporters are calling for the revival of the Export Support Fund (ESF) following the recent approval of the Philippine Export Development Plan (PEDP) by President Aquino with a possible funding component.

Philexport President Sergio R. Ortiz-Luis Jr. reported that President Aquino has approved in principle the grant of an export support fund using savings from government budget.

Ortiz-Luis has made an appeal to monetary board member Peter Favila to look at possible BSP assistance in this area.

He told the former trade secretary that the ESF which was supported with grants from government, has not been revived under the present administration.

Favila promised the export leader he will help look for funding to keep the ESF alive.

When Favila was the trade secretary during the global recession of 2008 to 2009, the ESF administered by the Export Development Council (EDC) was given a P280 million grant to fund viable project proposals of export industry groups and regional chapters of Philexport.

The fund was initially set up when the BSP gave a P50 million grant for use in specific projects to promote exports and help the industry groups develop their competitive edges.

It was later increased to P280 million with pooled funding from the BSP, the Department of Trade and Industry, the Department of Budget Management, the National Economic and Development Authority and Philexport.

In the last year of the Arroyo administration, another P200 million grant was sourced directly from the Office of the President, although the full commitment was supposed to be P1 billion.

As trade chief, Favila approved the release of funds to each of the funded projects of the export sector. (EHL)