Provincial Cooperative Development Office
June 30, 2012
Provincial Cooperative Development Office (PCDO) Head Edwin S. Bautista in coordination with Cabuyao Municipal Cooperative and Livelihood Development Office (MCSLDO) Head Maridaisy Valenzuela successfully conducted the Bangko Sentral ng Pilipinas Forum on Credit Surety Fund Program to the 65 members of 17 cooperatives and micro, small, and medium enterprises (MSMEs) of the said town.
The forum was held on June 29, 2012 at the Audio-Visual Room, 4th Floor, Municipal Hall of Cabuyao, Laguna with the objective of encouraging cooperatives with million asset level to an investment opportunity to the surety fund which will also pave the way to easy access to credit to finance their micro, small, and medium enterprises.
The Credit Surety Fund, which will be composed of contributions from participating cooperatives, the local government unit counterpart fund, and contributions from donor financial institutions, will serve as the cooperative’s collateral in applying for loan from accredited lending banks such as Land Bank of the Philippines, Development Bank of the Philippines (DBP), and Philippine National Bank (PNB).
Governor Jeorge “E.R.” Ejercito Estregan already committed 5M PhP as the Provincial Government of Laguna’s counterpart fund to establish the Laguna Credit Surety Fund Program which is tentatively set to be launched on July 27, 2012.
The presentation of the program’s concept and guidelines was handled by Ms. Ellen Ramos, Program Manager of the Bangko Sentral ng Pilipinas. The activity was also attended by Hon. Imelda A. Entredicho, Sangguniang Bayan of Cabuyao Committee on Cooperatives Chairman, and was given full support by Hon. Isidro L. Hemedes, Jr., Municipal Mayor of Cabuyao. (Article by Carlito T. Esmas/Edwin S. Bautista)