As a result of the ongoing initiatives and dialogues of the service to various cooperatives and agencies, the Expanded Koop Kapatid Program was launched last October 16, 2024, via a virtual platform. Almost four hundred cooperative officers and members participated from the Billionaire and Large Cooperatives, Cooperative Banks, primary cooperatives and MSMEs nationwide. The launching of the program was spearheaded by the head of the Finance Cooperatives Cluster Assistant Secretary Luz H. Yringco with the assistance of the Credit Surety Fund Service headed by Deputy Administrator Atty. Elizabeth O. Batonan. Through this initiative, micro and small cooperatives (MSCs) can overcome barriers to growth, while large cooperatives can fulfill their social responsibility to uplift others in the cooperative community. Moreover, this financial backing is crucial, as many MSCs still struggle with accessing credit due to lack of collateral or credit history.
This newly launched program is also designed to strengthen and provide micro and small cooperatives with more funding opportunities which enables cooperatives to access the resource funding initiated by these well-established cooperatives. Through this program, the Cooperative banks shall serve as a conduit for the MSCs to access the funding available to them. Additionally, cooperative banks can serve as intermediaries to manage and allocate fund support properly.
To provide adequate information on the concept of the Expanded Koop Kapatid Program, different topics were discussed by CSF Service Staff- Director Joselito Hallazgo, Chief Jo Ann Gamboa, and Supervising CDS Mary Grace Cinco. Participants were given the opportunity to raise their questions for clarification. Subsequently, some cooperatives expressed their commitment to support the CSF Program and made their pledges which shall eventually form part of the revolving fund to be extended to these MSCs. The launching of the said program should not be a one-time action rather it should be a living commitment to all cooperatives.
