BSP orients cooperatives on credit surety fund program

By Alan C. Ortillano

Tuesday 5th of June 2012

STA. CRUZ, Laguna, June 5 (PIA) -- The Banko Sentral ng Pilipinas (BSP) in coordination with the provincial cooperative development office (PCDO) held a cooperative forum recently at the conference hall of DepEd-Laguna inside the capitol compound.

The forum featured BSP's Credit Surety Fund Program (CSFP), a credit enhancement scheme that allows micro, small and medium enterprises (MSME) that are members of cooperatives to borrow from banks even without collateral.

According to the BSP website, the CSF is created from contributions by well-capitalized and well-managed cooperatives with a counterpart contribution from the local government unit and donors. The fund will be used to provide surety cover to guarantee MSME loans from banks.

Now Moving for Beter Philippines (NMBP), SUMAPI Multi-Purpose Cooperative of Palasan and Sto. Angel in this municipality including Bangka Bangka Multi-Purpose Cooperative in Victoria, Laguna have signified their intention to avail of the program.

The said campaign was spearheaded by BSP Credit Department Heads Noli Mora and Genevieve Ybañez in coordination with PCDO Head Edwin S. Bautista. (CPG/ACO, PIA-Laguna with reports from Carlito T. Esmas/Edwin S. Bautista)