Philippines to set up $1b hedging facility for exporters
Tuesday, 12 June 2007
MANILA, June 11 (AFP): The Philippine government is to establish a one-billion-dollar hedging facility to protect exporters from losses resulting from fluctuations in the exchange rate, a report said today.
Finance Secretary Margarito Teves said the government-owned Development Bank of the Philippines (DBP) will be drawing up the mechanisms that will guide the use of the facility, the Business Mirror reported.
Representatives of about 1,000 small-scale exporters last week warned of massive closures, job and financial losses if the government does not check the peso's continuing appreciation against the dollar.
Finance Secretary Margarito Teves said the government-owned Development Bank of the Philippines (DBP) will be drawing up the mechanisms that will guide the use of the facility, the Business Mirror reported.
Representatives of about 1,000 small-scale exporters last week warned of massive closures, job and financial losses if the government does not check the peso's continuing appreciation against the dollar.