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Ilocos Norte Moves Forward with Credit Surety Fund Cooperative to Bolster MSMEs

Posted on July 2, 2024

The Ilocos Norte Provincial Government has recently partnered with the Cooperative Development Authority Region 1 (CDA R1) to establish the Ilocos Norte Credit Surety Fund Cooperative (INCSFC). This strategic initiative is designed to empower Micro, Small, and Medium Enterprises (MSMEs), with a particular focus on cooperatives within the province, by enhancing their access to credit facilities.

Spearheading this initiative, Ilocos Norte Governor Matthew Marcos Manotoc’s Chief of Staff, Atty. Pancho Jose, led a pivotal meeting that brought together a dedicated team of stakeholders. The CDA R1 team, headed by Regional Director Atty. Frederick Joe N. Robles, collaborated with key representatives from the Ilocos Norte Provincial Government. This included the Provincial Accountant, the SME Head, the Assistant Treasurer, the Budget Officer, and other relevant department heads.

The Bangko Sentral ng Pilipinas (BSP) also played a crucial role. Financial Inclusion Manager Ms. Ellen Dayrit Ramos and Ms. Jashzeel Baldonado provided their expertise on credit surety funds, ensuring the INCSFC is built on a strong foundation.

The primary focus of the discussion was the creation of the INCSFC, which aims to bridge the gap for cooperatives in Ilocos Norte that may face challenges in acquiring loans from traditional lenders. By providing easier access to credit, the INCSFC seeks to empower these businesses to grow and thrive.

Ms. Ellen Ramos from the BSP shed light on the numerous advantages of establishing a Credit Surety Fund Cooperative.  Atty. Robles and Ms. Cariño from the CDA R1 team provided additional details and addressed any questions raised by the provincial representatives. This collaborative spirit ensures a smooth path forward for the INCSFC’s development.

The establishment of the INCSFC marks a significant step towards bolstering Ilocos Norte’s cooperative sector. By facilitating easier access to credit, this initiative has the potential to unlock new opportunities for local businesses, contribute to economic growth, and create jobs in the province. The INCSFC’s development is poised to enhance the financial stability and growth prospects of MSMEs, driving sustainable development in Ilocos Norte. (Renee Faye Carino, Sr. CDS)