Author Topic: ProFood Bohol gets P8 million credit fund from Holland-based Oicko  (Read 1046 times)

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Small and medium bakeries in Cebu, which are beneficiaries of the Canadian Executive Service Organization Business Advisory Project Phase 2 (Ceso-BAP) will soon be provided with loan assistance form a Dutch non-government organization.

Holland-based Oiko Credit Corp. (Oicko) has partnered with Cebu-BAP to offer an initial credit fund of P8 million to members of ProFood Organization, a group of small and medium bakery businesses in Bohol.

Ceso-BAP country manager Timothy Moiket said Oiko is allocating a P200-million credit facility to Cebu-BAP assisted companies but added that the agency is going to provide pilot works with Profood members.

"This assistance aims to help the baking industry in the Philippines," he said.

Cebu-BAP and Oiko are set to ink a memorandum of agreement with representatives from ProFood organization in Bohol to formalize the agreement between both parties.

The agency will also conduct a signing ceremony with the Gifts, Toys and Housewares Assocation of Exporters in Cebu (Cebu-GTH), for a subcontractor development project.

Ceso-BAP 2 is a bilateral project between the Philippines and Canada which began in 1999 and is funded by the Canadian International Development Agency (Cida).

It aims to increase the operating effectiveness of small and medium enterprises (SMEs) in Visayas and Mindanao.

Moiket said though that the eight-year program they have set up in the Philippines, which is now its second term, will end by next year.

He, however, assured sustainability of the program will be maintained through the Philippines Business of Social Progress (PBSP).

"Ceso-BAP is not a long-term program of Cida," said Moiket.

The project has long been partnering with PBSP in properly setting a sustainable enterprise developmental project in the Philippines.

He is confident though that the knowledge and expertise extended by the Canadian consultants of Ceso-BAP will be continued through the establishment of PBSP Business Advisory Program.

During the duration of the program, Moiket said Ceso_BAP had provided assistance to over 500 SMEs in Visayas and Mindanao that capitalized on the support coming from funds sourced from Canadian tax payers.

Unlike Canada's similar project also funded by Cida, the Pearl-2 program which focuses on helping business support organizations, Ceso-BAP is extending technical, marketing, organization and management system, technology, to individual companies and cluster industries.

--- Philippine News Agency


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