Pursuant to Presidential Decree (PD) No. 550 enacted on September 11, 1974, the Philippine Foreign Loan Guarantee Corporation (PFLGC) was created with the primary purpose to guarantee foreign loans granted to any domestic entity enterprise or corporation, majority of the capital of which is owned by citizens of the Philippines. On January 31, 1977, PD No. 550 was amended by PD No. 1080 renaming PFLGC as the Philippine Export and Foreign Loan Guarantee Corporation (PHILGUARANTEE) and expanding its purpose to guarantee not only approved foreign loans for developmental purposes but also loans granted by domestic and foreign financial institutions to exporters and manufacturers of export products as well as contractors with approved service contracts abroad.
By 1984 it shifted its focus and resources from the issuance of guarantees for overseas construction contracts to the issuance of guarantees for export-oriented enterprises in view of the mounting defaults by guaranteed contractors engaged in Middle East construction projects. Presidential Decree 1930 was issued, requiring that all loan guarantees to be extended by government-owned and controlled corporations should have prior approval of the President of the Philippines. In 1987, Executive Order No. 127 was issued to empower PHILGUARANTEE to extend direct loans and export credit insurance. The EO abolished the Export Credit Corporation that was created under P.D. 1785, and transferred its functions to PHILGUARANTEE.
In 1990 the Board of Directors approved a general policy framework for the corporate revitalization and fi¬nancial rehabilitation of the Corporation to facilitate its transformation into the national Export Credit Agency (ECA). From 1994 to 1997, regional field offices were opened in Cebu, Davao, Bacolod and Legaspi City to cater to Luzon, Visayas and Mindanao clients. PHILGUARANTEE also marked its 20th anniversary with the formal launching of Export Credit Insurance Program.
By 1998, through Republic Act No. 8494, the corporation was reorganized and renamed as the Trade and Investment Development Corporation of the Philippines (TIDCORP) and expanded its functions and client base. Under the Act, TIDCORP can grant export and domestic credit insurance as well as investment insurance. TIDCORP provided financing services to any entity organized or licensed to do business in the Philippines. By early 2000 TIDCORP launched the Medium and Long-Term Direct Lending Program (MLT-DLP) for Small, Medium and Large exporters. New offices at the Citibank Center, Makati were inaugurated.
Subsequently on March 18, 2002, TIDCORP was designated as the Philippine Export-Import Credit Agency (PhilEXIM) by virtue of Executive Order No. 85. TIDCORP was mandated to encourage and promote the expansion of Philippine exports and to establish a strong and credible export credit institution which shall be dedicated to the provision of export financing facilities and services to support the country’s export sector. The mission of the TIDCORP or the PhilEXIM is to stimulate, increase and develop the export of goods and services, and to facilitate investment in strategic sectors for the country’s development by extending guarantees, insurance, credit and related technical assistance to viable enterprises.
The powers and functions of the Corporation are exercised by the nine-man Board of Directors composed of the Secretary of the Department of Finance as Chairman, President of TIDCORP as Vice-chairman and seven members as follows: (a) Governor of the Bangko Sentral ng Pilipinas (BSP); (b) Director-General of the National Economic Development Authority (NEDA); (c) Secretary of the Department of Trade and Industry (DTI); (d) Officer-in-Charge, Philippine Overseas Construction Board (POCB); and (e) three representatives from the private sector.
We are a sovereign guarantor extending primarily guarantee and related services to business entities in order to develop the Nation's export industry and facilitate investment in strategic sectors of the economy.
By 2020, TIDCORP shall be the preferred credit guarantee institution performing its role as the lead agency for guarantee finance with end in view of facilitating international trade and investments responsive to the developmental needs of the country.
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