City of Naga, Cebu, Philippines – As the Credit Surety Fund (CSF) Service Roadmap is in full gear, one of the strategic directions highly considered is to increase the number of coop members’ engagement and participation. Thankfully, Honorable Mayor Valdemar “Val” M. Chiong altruistically embraced the great potential of the budding City of Naga CSF Cooperative which the cooperatives in the city; including the micro, small and medium enterprises can be proud of.
Hon. Carmelino N. Cruz, Jr., Sangguniang Panlungsod (SP) Majority Floor Leader acknowledged to the august body, the personal appearance of the CSF Team to the Regular Session and its primary objective which is to promote the CSF Services and the invitation to create a CSF Cooperative.
Ms. Repunte substantially delineated the legal framework on creation of the CSF Act which is the Republic Act 10744. As a special type of cooperative, CSF coop membership comprises of primary cooperatives, non-government organization, government financial institutions, Philippine Guarantee Corporation (Formerly Industrial Guarantee and Loan Fund (IGLF). The funds pooled by the members shall serve as a security for loans of MSMEs from banks in lieu of acceptable collaterals.
Being receptive to the call, the City of Naga Sangguniang Panlungsod (SP) opened its gate for the presentation of CSF services from Cooperative Development Authority Region VII representatives; Ms. Gina F. Repunte, Senior Cooperative Development Specialist (CDS) and Atty. Ronalyn M. Torres, Assistant Legal Officer and CSF CDS. The team presented the foundational ideas of CSF and its potential effects on the community and local government in a sincere and empirical manner.
The Regular Session was presided by Hon. Alexander R. Lara, Chairperson for Committees on Public Transportation Franchising and Regulation, Heritage, Culture and the Arts. Present during the SP Regular session were: Hon. Justino L, Dakay, Chairperson for Committees on Cooperatives, Micro, Small and Medium, Enterprises Development, Agriculture and Food and Accreditation Of Non-Government and People’s Organizations; Hon. Aurelio B. Alinsonorin Chairperson for Committee on City Government Properties and Public Markets; Hon. Charmaine R. Navarro, Chairperson for Committees on Dangerous Drugs Abuse Prevention and Committee on Ethics and Committee on the Welfare of Women and Children, LGBTQ and Gender Sensitivity and Family Relations; Hon. Carmelino N. Cruz, Jr., Committees on Academe-Industry Linkages, Committee on Laws and Human Rights, Chairperson for Hospital Care and Services and Community Health, Civil Service and Public Accountability and Sister-City Relations and Linkages; Hon. Dominador A. Libor, Chairperson for Committee on Housing, Urban Planning and Land Utilization; Hon. Letecia F. Abangan, Chairperson for Committees on Finance, Budget and Ways & Means and the Welfare Of Senior Citizens And Persons With Disability (PWD’s); Hon. Elmer John R. Lapitan, Chairperson for Committee on Labor and Employment; Hon. Scott Juvenal A. Chiong, Chairperson for Committees on Barangay Affairs and Tourism Development and Hon. Faith James B. Servano, Chairperson for Committee on Youth Welfare and Sports Development.
Moreover, the City of Naga cooperatives served as the impetus for the creation of another CSF cooperative in the Region. Actively participated by cooperatives who transparently expressed their intent to join the City of Naga CSF Cooperative were: Maria Dinah Boligor of Pangdan MPC, Engr. Gloria Pocot of Tina-an Neighborhood MPC, Alejandra Laput and Rosario Mondoy of Rural Settlers MPC. For Uling MPC were Anastacia Barcuma and Oscar Guibone and Cherille Generale of Naga School Teachers MPC.
The creation of a CSF Coop will benefit the LGU in terms of revenue generation, increase of local taxes and more employment opportunities of the city residents. On the micro perspective, the cooperative itself will earn income from service fee and trust fund. Thereby creating more programs to increase income opportunities of the members.
Regardless of their social or economic standing, everyone is encouraged to dream big by the CSF cooperative, as Atty. Torres adamantly underlines. Their primary cooperatives’ membership in the CSF coop will increase their chances of obtaining larger loanable amounts from the lending banks. When granting loans, banks typically demand tangible collateral, which some MSMEs frequently find challenging to meet. Because they lack endorsers to support them and have limited ability to pay, ordinary borrowers have less opportunities to obtain such.
Engr. Pocot of Tinaan MPC is delighted with the idea that they can raise their funds in their existing agricultural production such as lemon grass juice among others. On the other hand, SP Chairman on the Committee on Cooperatives, Hon. Dakay assured sponsorship of SP Resolution for the creation of CSF Cooperative. Having witnessed the earnest efforts of the CSF Team and the eagerness of the coop sector in the city bolstered the intensity of creating the CSF Cooperative.
All concerned parties were captivated by the greater possibilities and opportunities if City of Naga Credit Surety Fund Cooperative will be organized the soonest. (RMTorres)
