The Credit Surety Fund Service (CSFS) conducted an orientation on the CSF program during the 1st Bukidnon Cooperative Congress held on August 16, 2022 at the Kaamulan Folk Arts Theater, in Malaybalay Bukidnon. Mr. Sherwin M. Arcipe, Acting Chief, Inspection and Examination Division of CSFS facilitated the orientation to around 400 participants representing 100 primary cooperatives in Bukidnon in attendance.
In his presentation, Mr. Arcipe discussed the benefits of the program to micro, small and medium entrepreneurs (MSMEs) who are members of cooperatives as a credit enhancement scheme that provides access to collateral free loans from lending banks. The CSF program aims to increase the credit worthiness of MSMEs experiencing difficulty in obtaining loans due to lack of acceptable collateral, capacity and credit history, thru issuance of a surety cover.
The presentation also included the requirements in joining and organizing a CSF cooperative as provided in Republic Act No. 10744 or the Credit Surety Fund Act of 2015.
The event was attended by members of the CDA Board of Directors headed by Usec. Joseph B. Encabo and officials from the local government unit of Bukidnon Province led by Gov. Rogelio Neil P. Roque. It was organized by the Cooperative Union of Bukidnon in close coordination with the Bukidnon Government Employees Multi-Purpose Cooperative (BUGEMCO) and the CDA.
During the open forum following Mr. Arcipe’s presentation, queries were raised by a participant from the Valencia City CSF Cooperative as to the assistance that can be provided with respect to collection of loan payments from borrowers in case of default. Mr. Arcipe responded there is a need to check the cooperative’s records as well as conduct consultative meeting to discuss this matter more thoroughly. Other queries from participants were pertaining to interest rates of loans from a CSF cooperative compared to private lending banks. However, because of limited time, participants were advised to email their concerns thru the CSF Service official email address and visit the CDA website for additional information.
Participants were given information materials on CSF program concepts, requirements for registration and procedures in organizing a CSF cooperative.
Left to right: Mr. Edwin Pelosas, Senior CDS, CDA Region 10, Mr. Arcipe and CDA Chair Joseph B. Encabo during the open forum
Participants from various primary cooperatives in Bukidnon
