Info Drive on Credit Surety Fund (CSF) Cooperatives and its Programs and Services Conducted for the Local Chief Executives of the Province of Ilocos Sur and the cities of Candon and Alaminos
In line with the mandate of the agency to promote the growth and viability of the cooperatives and in pursuant to the provisions of the Republic Act No. 10744, otherwise known as the Credit Surety Fund (CSF) Cooperative Act of 2015 and its Implementing Rules and Regulations, Ms. Bianca Cuenca, the Acting Chief of CSF Section, Ms. Christine Joy Combes, CDS I of CSF Section, together with Mr. Alberto A. Sabarias, the Acting Regional Director, discuss matters relating to the creation of Credit Surety Fund (CSF) cooperatives and its programs and services. The said program aims to contribute to the LGU poverty alleviation programs, as well as to enhance livelihood, increase job opportunities, and accelerate economic growth and development of all MSMEs, cooperative officers, and members in all the provinces and cities in Region I.
The Credit Surety Fund Section, together with the Acting Regional Director and PCDS of Ilocos Sur, had a courtesy call on July 12, 2022, with Hon. Jeremias Singson, the Governor of the Province of Ilocos Sur to discuss the promotion and creation of Credit Surety Fund Cooperative in the Province of Ilocos Sur and its benefits, programs, and services pursuant to RA No. 10744.
On July 14,2022, Acting Regional Director Alberto Sabarias, together with the Credit Surety Fund Section personnel, CPDAS personnel and Ilocos Sur field personnel had a courtesy call with Hon. Eric Singson, Mayor of Candon City, Ilocos Sur to discuss as well the promotion and creation of Credit Surety Fund Cooperative in the City of Candon and its benefits, programs, and services pursuant to RA No. 10744.
Also, Acting Regional Director Alberto Sabarias, together with the Credit Surety Fund Section personnel, and Registration Section personnel had a courtesy call on July 26, 2022 with Hon. Arth Bryan Celeste, Mayor of Alaminos City, Pangasinan to discuss the promotion and creation of Credit Surety Fund Cooperative in the city pursuant to RA No. 10744 through the assistance of City Administrator and Alaminos City Coop Development Officer, Mr. Solomon Tablang.
In a nutshell, the team clearly presented the concepts of CSF, the creation of CSF cooperatives in Region I, and the benefits of CSF to micro, small and medium-sized enterprises (MSMEs) and Local Government Units (LGUs).
Some important notes to remember:
- Benefits of the CSF to LGU
- Supports poverty alleviation program through:
- Increase in economic activities
- Creation of more jobs
- Non-susceptibility to high cost of borrowings (i.e. 5-6 and loan sharks)
- Increases revenue in the form of taxes and fees
- Professional management of its contributed funds; hence, its contribution to the CSF Cooperative will have a long-term sustainability; and
- It will not be perceived as “dole out” and will develop autonomy from purely government grant
Indeed, the Local Chief Executives of the Province of Ilocos Sur and cities of Candon and Alaminos had positive impressions of the said program that will truly empower the MSMEs and cooperatives by building more economic opportunities for them. They commended the organizers behind this program for this loan program is expected to divert MSMEs and cooperatives from loan sharks or ‘5-6’ lenders whose charging high-interest rates as well as helping them in the easy access to the credit facility of banks and other financial institutions.
(Bianca Cuenca, Acting Chief, CSF Section)