Info Drive on Credit Surety Fund (CSF) Cooperatives and its Programs and Services Conducted for the Local Chief Executives of the Provinces of Ilocos Sur and Ilocos Norte

 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 Atty. Frederick Joe Robles, the 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 the 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.

On November 22,2022, Regional Director Atty. Frederick Joe N. Robles, together with the Credit Surety Fund Section personnel and PCDS of Ilocos Norte, Ms. Rosievic Medina, have had a courtesy call with Ilocos Norte Governor Matthew Marcos Manotoc and Ilocos Norte Administrator Atty. Pancho Jose to lobby for the support of the Provincial Government in strengthening the cooperatives as well as to discuss the promotion and creation of Credit Surety Fund Cooperative in the province pursuant to RA 10744.

On November 23, 2022, Regional Director Atty. Frederick Joe N. Robles, together with the Credit Surety Fund Section personnel and PCDS of Ilocos Norte, Ms. Rosievic Medina, have had a courtesy call with Laoag City Mayor Michael Marcos Keon and Batac City Mayor Engr. Albert Chua to lobby for the support of both City Governments in strengthening the cooperatives as well as to discuss the promotion and creation of Credit Surety Fund Cooperative in the cities pursuant to RA 10744.

On March 24, 2023, Regional Director Atty. Frederick Joe Robles, together with the Acting Head of CSF Section, Ms. Fiona Bianca Cuenca, CDS II Mr. Raymund Pilorin and Provincial Cooperative Development Officer Liezel Alonzo, have had a courtesy call with Provincial Governor Hon. Jerry Singson to lobby for the support of the Provincial Government in strengthening the cooperatives as well as to discuss the promotion and creation of Credit Surety Fund Cooperative in the province pursuant to RA 10744.

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 Provinces of Ilocos Sur and Ilocos Norte 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)