Orientation on Credit Surety Fund Program
by: Ms. Wilma de Vera, Finance Officer
June 10-11, 2014 - we had an Orientation on CREDIT SURETY FUND PROGRAM at Baler, Aurora together with Director Auring Castillo, Director Lydia Mangubat and Ms. Gina Pateña, member of Mediation Committee.
CSF Program is a credit enhancement scheme developed by the Bangko Sentral ng Pilipinas which aims to increase the creditworthiness of micro, small and medium enterprises (MSMEs) that are experiencing difficulty in obtaining loans from the banks due to lack of acceptable collaterals, credit knowledge and credit track records.
The CSF is created by pooling the contributions of cooperatives (coops), non-government organizations (NGOs) local government units (LGUs) , partner institutions such as DBP and Landbank, Industrial Guarantee Loan Fund and other interested parties.
The fund is administered by an Oversight Committee composed of elected members from contributing coops, and ex-officio member s from LGU and partner institutions. The Oversight Comm. designates a trustee that will manage the Fund. The trustee bank invest the Fund in high yielding government securities such as treasury bills and bonds to generate earnings and further increase the fund.
Presently, there are twenty nine (29) provinces nationwide who are members of Credit Surety Fund Program since its establishment last August, 2008.
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