On October 29, 2024, the Cooperative Development Authority – Cordillera Administrative Region Extension Office (CDA-CAR EO), under the leadership of OIC-Regional Director (RD) Felicidad R. Cenon, PhD, held the Credit Surety Fund Program Roadshow and Contributors’ Orientation Seminar (COS) at the Provincial Multipurpose Hall, Bontoc, Mountain Province. The activity was facilitated by the agency’s Credit Surety Fund Service (CSFS), in partnership with the Bangko Sentral ng Pilipinas (BSP), to promote its programs towards improving the credit worthiness of cooperatives.
With the support of the Provincial Local Government Unit (LGU) of Mountain Province under the stewardship of Governor Bonifacio C. Lacwasan Jr., the Roadshow and COS was attended by 101 participants representing 30 cooperatives and staff from the Provincial Cooperative Development Office of Mountain Province. In the preliminaries, CDA Assistant Secretary Luz H. Yrinco and CSFS Deputy Administrator Elizabeth O. Batonan, who gave video messages, expressed their support to the CSF program, which assists Micro Small and Medium Enterprises (MSME’s), particularly cooperatives, and their members to gain access to alternative credit enhancement services.
The Roadshow and COS was facilitated by Ms. Nellie Tanglib, acting Cooperative Development Specialist (CDS) I of CDA-CAR EO. During the event, OIC-RD Cenon started the activity with her welcome remarks emphasizing the goals of the CSF program. Thereafter, Mr. Lotes P. Lab-oyan, Senior CDS, CDA-CAR EO, explained the rationale of the activity including the legal basis of the program.
Subsequently, Chief Recto E. Transfiguracion of the Technical Assistance Division (TAD) of CDA-CSFS, emphasized that the event serves as a mechanism to orient participants on the key features of the CSF Program. He also emphasized that the program does not intend to compete with existing credit facilities but rather, it serves as an alternative for cooperatives and MSME’s encountering difficulties in securing loans in the absence of collaterals.
This was then followed by the presentation of statistics of CSF Cooperatives by Chief Jo Ann C. Gamboa of the Inspection and Examination Division (IED), CDA-CSFS. Her presentation zeroed in on the figures pertaining to total investments of stakeholders, loans facilitated by CSF Cooperatives, and targeted economic activities of these borrowings, among others. In her presentation, she underscored several success stories of members of various CSF Cooperatives in the country.
Completing the morning session was the discussion on the requirements for membership of cooperatives and non-government organizations by Ms. Marygrace C. Jaquilmac, CDS II, CSFS-TAD. An open forum immediately followed wherein several queries were brought up, especially those pertaining to the competitiveness of interest rates on borrowings vis-à-vis other government credit facilities. These inquiries were substantially answered by the CSFS, thus erasing doubts among the participants.
During the commitment setting facilitated by Mr. Ian Dave U. Alindajao, Senior CDS, CSFS-IED, and Ms. Mary Grace I. Cinco, Supervising CDS, CSFS-TAD, 13 out of the 30 cooperatives in attendance committed their support to the establishment of the proposed Mountain Province Credit Surety Fund Cooperative, while 17 committed further study and/or consultation with their respective Board of Director.
Also in attendance were Mountain Province Provincial Administrator John K. Likigan representing Governor Bonifacio C. Lacwasan Jr., Engr. Andrew Magwilang representing Vice Governor Francis O. Tauli, and Provincial Cooperative Development Officer Atty. Michael Patting. Their presence served as a testament to the commitment of the province in assisting the stakeholders in the cooperative sector to further avail and participate in programs that would help in the growth and development of cooperatives.
– MEEM
