BSP to Launch the Bohol Coopreneurs Surety Fund
02.13.2009
On 15 February 2009, all roads will lead to Tagbilaran City as it hosts the formal launching of the Bohol Coopreneurs Surety Fund or BCSF, a credit surety fund, at the Bohol Beach Club in Panglao Island. Expected to grace the occasion are Bangko Sentral ng Pilipinas Governor Amando M. Tetangco and Monetary Board Members Juanita D. Amatong and lgnacio R. Bunye. Governor Erico B. Aumentado and Vice Governor Julius Caesar F. Herrera are expected to lead the Bohol contingent.
A brainchild of the Bangko Sentral ng Pilipinas, the Credit Surety Fund or CSF is a program that involves the creation of a trust fund contributed by cooperatives from a province and its provincial government intended primarily to make micro, small and medium enterprises (MSMEs) bankable by giving them access to formal sources of financing by means of a surety cover. Basically, MSMEs who cannot get financing due to the absence of collaterals can now do so using the surety cover as substitute.
The CSF concept was first introduced with the launching of the Cavite Coopreneurs Surety Fund in the Province of Cavite back in August 2008 followed by the Aurora Province Coopreneurs Surety Fund in January 2009. The BCSF is the first credit surety fund to be organized outside of Luzon and boasts of having the shortest gestation from conceptualization to actual launch.
The CSF program received overwhelming reception from cooperatives from both Cavite and Aurora Province as it opened a wider source of financing for their member MSMEs. It was also welcomed by the banking sector as the program makes it more comfortable for them to lend even in the absence of collaterals. The Bangko Sentral hopes to cascade the CSF concept to all key areas of the country.
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