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Laguna bags 2nd Place in the 2018 Awards Ceremony for BSP stakeholders

Provincial Cooperative Development Office

September 21, 2018

 

    TAGAYTAY CITY, Cavite - The Provincial Government of Laguna (PGL) was conferred the Outstanding Credit Surety Fund (CSF) LGU Partner award by the Banko Sentral ng Pilipinas (BSP).

    In the 2018 Awards Ceremony and Appreciation Lunch for BSP Stakeholders held on September 14, 2018 at Kimberly Hotel in this city, Laguna placed 2nd out of fifty-four (54) provinces and cities nationwide with established Credit Surety Fund Program.

    The recognition was given to PGL to acknowledge its contribution in promoting an environment conducive towards the growth and development of micro, small, and medium enterprises (MSMEs), including cooperatives, through collateral-free credit access to financial institutions.

    This is the first time that Laguna received such award from BSP based on the total number of cooperatives that repaid the loan extended to them by the Provincial Cooperative Development Office (PCDO), and for having its own Laguna Credit Surety Fund (LCSF) office with a designated Program Officer.  

    Moreover, the LCSF has just awarded a Php1.8 million loan to Rinaliza Gasoline Station which they used to purchase the property and build the gas station in Nagcarlan, Laguna; renewed the Php1 million loan of Kawayanan Bayanihan Multipurpose Cooperative (MPC) in Los Baños and Php800k for Banca-banca MPC in Victoria, Laguna.

     Furthermore, for immediate release is the Php5 million loan of Calumpang Transport Service Cooperative in Liliw, Laguna.

    Through PCDO, PGL has been a partner of BSP in this program since August 2012 when the Laguna Credit Surety Fund (LCSF) was established. It is now composed of 17 member-cooperatives from Laguna with a total pooled contribution of  Php 2.2 million.

   With the Php 5 million counterpart contribution from the PGL and the PhP 5.5 million coming from donor institutions such as Land Bank, Development Bank of the Philippines and Industrial Loan and Guarantee Fund, these contributions formed the trust fund.

    The said fund serves as substitute collateral to the usual hard collaterals banks require from borrowers(Article and photos by Edwin S. Bautista)