In a significant step to promote credit worthiness of micro, small and medium enterprises (MSMEs) especially cooperatives and to aid them in gaining easier access to loans from banks without providing collateral, the CDA Credit Surety Fund Service, CDA Cordillera
Extension Office headed by Regional Director Atty. Franco G. Bawang Jr. and Bangko Sentral ng Pilipinas worked together in the conduct of the Road Show and Contributors Orientation Seminar (COS) in the province of Apayao last November 22, 2023 at Apayao State College, Luna Apayao.
With the blessing of the Hon. Elias C. Bulut Jr., Governor of the Province of Apayao, twenty-three (23) cooperatives from the seven (7) municipalities including appointed and designated Cooperative development Officers participated in this event. Serving as a venue for cooperative officers to be oriented on the Credit Surety Fund Program, Ms.
Eleanor D. Ramos, Manager, Financial Inclusion Office of the Bangko Sentral ng Pilipinas (BSP) presented the history and significant milestones of the program. She also stressed that CSF does not pose as a competition for existing establishments providing permitted credit facilities but rather it complements and serves as an additional option for entrepreneurs to avail of loans that would aid in furthering their economic enterprises.
Moreover, to give the participants a clearer perspective regarding CSF, Chief Recto E. Transfiguracion of the Technical Assistance Division (TAD) of CDA – Credit Surety Fund
Service imparted the salient features of Republic Act 10744 or CSF Act. It was then followed up by discussions on the Implementing Rules and Regulations of RA 10744 facilitated by Chief Jo Ann C. Gamboa of the Inspection and Examination Division (IED). Ms. Mary Grace I. Cinco, Supervising CDS, TAD, then presented the registration requirements for CSF Cooperatives including selected statistics and activities of the CSF Service.
Other staff of CDA present who assisted in the documentation & facilitation of the roadshow activity were Senior CDS Lotes P. Lab-oyan, Senior CDS Ian Dave U. Alindajao, CDS II Marygrace C. Jaquilmac, CDS II Christine L. Bulalin, CDS II Sean Ray Ortañez and CDS I Mark Erick E. Menzi.
During the open forum, queries as to how the CSF Cooperative will be created, limitations on loan availments, financial constraints, and documentary requirements were raised which were gladly addressed by the speakers. – MEM