The Bangko Sentral ng Pilipinas (BSP) launched on February 15 the third and biggest cooperative credit surety fund here.
With an initial membership of 17 cooperatives and one non-government organization that pooled its fund resources with a counterpart of P5-million each from the provincial government, the Development Bank of the Philippines (DBP) and the International Loan Guarantee Fund (IGLF), the Bohol Coopreneurs Credit Surety Fund (BC-CSF) seeks to expand and simplify access to credit among member-cooperatives.
The support of the First Consolidated Bank (FCB) accelerated the formation of the
Bohol Credit Surety Fund. FCB is designated as the depository bank of the Bohol
Credit Surety Fund.
A brainchild of the BSP, 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 MSMEs (that are relying on cooperative fund support) bankable by giving them access to formal sources of financing by means of a surety cover.
