Screengrab from https://www.koreaexim.go.kr/en/
MANILA, Philippines — The Export-Import Bank of Korea (Korea Eximbank) has boosted its banking partnership with Banco de Oro Unibank by making available $500 million in additional loanable funds for South Korean companies doing business in the Philippines.
From a credit line of $200 million, Korean Eximbank upsized the amount to $700 million, allowing the two banks to provide greater financial muscle to South Korean enterprises expanding in the country.
With this agreement signed last week, BDO becomes Korea Eximbank’s second largest partner bank in the interbank services.
“Through the increase of the credit line, both banks secure sufficient measure to cope with the increasing financing demands of Korean companies operating in the Philippines, and local companies which have business relationships with Korean companies,” Ki-Sub Nam, deputy president of Korea Eximbank, said in a press statement on Monday.
Walter Wassmer, BDO senior executive vice president for institutional banking, said that BDO and Korea Eximbank shared the same objective as financial institutions: “that is to see enterprises continuously grow.”
“We see this agreement as a catalyst to further strengthen our ability to assist Philippine and Korean corporations, which in return will contribute to sustained development of the Philippine economy,” he added.
The Philippines is one of South Korea’s significant partners as indicated by the trade volume between the two countries, which has increased 2.5 times over the past decade reaching $12.5 billion in 2013.
Korea Eximbank is an official export credit agency providing comprehensive export credit and guarantee programs to support South Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported South Korea’s export-led economy and facilitated economic cooperation with foreign countries. Its primary services include export loans, trade finance, and guarantee programs structured to meet the needs of clients in a direct effort to both complement and strengthen the clients’ competitiveness in global markets.
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