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Pasay City Mayor Emi Calixto-Rubiano Guarantees Support for the Establishment of CSF Cooperative for the Empowerment of MSMEs and Cooperatives

Posted on May 31, 2023
As part of the continued partnership between Cooperative Development Authority and the Local Government of Pasay City, Mayor Imelda “Emi” Calixto-Rubiano met with officers of the Cooperative Development Authority (CDA) on May 24, 2023. CDA Team is composed of Mr. Recto Transfiguracion, Division Chief of Technical Assistance Division, Sergio E. Herrero Jr., Senior Cooperative Development Specialist, Ryan Dela Luna, CDS I and Ludi Vi C. Manaog, Field CDS of Pasay City. The meeting was held in line with the CDA’s effort to promote the organization of Credit Surety Fund (CSF) Cooperatives in every City.

Through the assistance of Ms. Rowena T. Buenaventura, Head of  the LGU’s Cooperative Development Office (CDO) and Supervising CDS, Mr. John Nadua, the CDA team was able to discuss the salient features and benefits of the program. The credit surety fund serves as another option for MSMEs and cooperatives, which encounter difficulties in obtaining loans due to lack of acceptable collaterals and credit history.

A special type of cooperative, the CSF Cooperative is an LGU-partnered cooperative that administers the CSF fund – a pooled fund generated from the contributions of the LGU, cooperatives/NGOs, banks, and the Philguarantee Corporation. The fund serves as a guarantee for the loans obtained by the MSMEs/Cooperatives through the issuance of a surety cover to the lending banks.

Mayor Rubiano said that the program will surely benefit the MSMEs, NGOs, and cooperatives in her locality noting the over-dependency on the local government fund which she said should be mitigated.  She added that the CSF can eliminate the mendicant mentality among her constituents by harnessing their entrepreneurial abilities, since credit assistance may be obtained solely for livelihood undertakings.

In a closing, Mayor Rubiano instructed Ms. Buenaventura to schedule an orientation for cooperatives on the program, with a pledge that once the cooperatives are ready to be organized as a CSF cooperative, the CDA can be assured of the LGU’s full support.