In furtherance of the promotion of the creation of Credit Surety Fund Cooperatives under R.A. No. 10744, the Credit Surety Fund Service (CSFS) personnel of the Cooperative Development Authority (CDA) Head Office and Regional Office X met with Councilor of the City of Iligan, Hon. Michelle Sweet Booc, Chairperson of the Committee on Cooperatives, at City Hall, Iligan City last May 15, 2024. During the meeting, numerous CSF Cooperatives’ success stories were shared, illustrating how the lives of the members have positively transformed due to access to credit through the CSF program. The local government unit may benefit from the CSF program in stimulating economic growth, creating jobs in the local economy, and increasing revenue through taxes and fees. Councilor Booc responded positively and committed to recommend the program to the honorable Mayor of Iligan City. 

Thereafter, on June 26, 2024, an orientation session was held for 11 potential cooperatives in Iligan City. Mr. Joselito O. Hallazgo, the Acting Director of CSFS, elaborated on the objectives and implementation of RA 10744 (The Credit Surety Fund Act of 2015). He explained that the CSF program aims to enhance the creditworthiness of Micro, Small and Medium Enterprises (MSMEs), cooperatives, and nongovernment organizations (NGOs), thereby broadening their access to bank credit facilities. The program is designed to improve the bankability and creditworthiness of these MSMEs and cooperatives by pooling funds from participating cooperatives, Non Government organization (NGO), Government Financial Institutions (GFIs), and the Local government unit (LGU), which will serve as security for loans to MSMEs/cooperatives from banks in lieu of hard collaterals. 

The orientation was highly productive, with both the LGU and the cooperatives demonstrating their commitment to establishing a CSF Cooperative in Iligan City. This collaboration is expected to significantly boost economic growth and development in the region.