Mandaue City, Cebu, Philippines – On the highly sought-after radio program Karambola Bisaya of Mr. Bob Malazarte and Mr. Juan Tadlip, Jr. on DYKC AM, the Credit Surety Fund (CSF) Services were highlighted as an alternative credit improvement program.

Ms. Gina F. Repunte, Sr. Cooperative Development Specialist and Atty. Ronalyn M. Torres, of Credit Surety Fund (CSF) Section of the Cooperative Development Authority (CDA) Region VII were in attendance to showcase the intriguing services offered by the CSF. Mandaue City CSF Cooperative’s BOD Chairman, Dr. Emedio L. Bustillo, graced the occasion to demonstrate the CSF program’s efficacy.

The Republic Act 10744, popularly known as the Credit Surety Fund Act, provided a brief explanation of the program’s legal foundation and key historical turning points by both CDA officials. Ms. Repunte highlighted the minimal requirements for a city to establish a CSF Cooperative. There are currently four fully functional CSF cooperatives in Region VII: the Negros Oriental CSF Cooperative, the Mandaue City CSF Cooperative, the Bohol CSF Cooperative, and the Cebu City CSF Cooperative. The team is very optimistic that Lapu-Lapu City CSF Cooperative will be established soon.

Atty. Torres, explained that the law has accomplished a number of noteworthy first steps since it was passed, including the creation of a CSF Section at Region VII to keep a careful eye on how these four CSF Cooperatives are operating, particularly with regard to handholding activities. The region’s CSF Cooperatives that were earlier registered with Bangko Sentral ng Pilipinas (BSP) were likewise arranged as a CSF Cooperative with the CDA.

In order to enable underrepresented and unrepresented groups in society to use CSF Cooperatives to turn their aspirations into reality, the CSF Team wants to increase the program’s visibility across a range of media, including print, television, and social media. wherein tangible collateral is no longer required for loans from the banking sector to guarantee repayment.