CDA Region X EO

Macapagal Drive-Crossing Canitoan,
Zone 2, Barangay Canitoan
9000 Cagayan de Oro City

R10 Promotes the Credit Surety Fund Program in Iligan City

Ms. Maryann Gabutan of CDA-10 presented the CSF program in Iligan City during the Information Caravan

The Cooperative Development Authority – 10, in coordination with the Cooperative Development and Livelihood Office (CDLO) of Iligan City, organized an information caravan on February 27, 2024 at Lai-lai Garden, Palao Iligan City. During the activity, the Credit Surety Fund (CSF) program was highlighted to the 56 cooperatives in attendance. Members and officers of the cooperatives were familiarized with the CSF concept, its objectives, and the legislative framework governed by Republic Act 10744. This includes understanding the fundamental goal of the CSF, which is to enhance the creditworthiness of MSMEs and cooperatives by providing credit support. 

Republic Act 10744, also known as the Credit Surety Fund Act of 2015, lays the foundation for establishing Credit Surety Fund Cooperatives in the Philippines. This legislation recognizes the importance of providing credit enhancement support to qualified micro, small, and medium enterprises (MSMEs) and cooperative/NGO borrowers, addressing the challenge of obtaining loans due to the need for hard collaterals.

Indeed, information dissemination is an initiative that seeks to inspire more cooperatives/NGOs, LGUs, GFIs, and other government agencies across the region to participate in and establish this unique form of cooperative.