BSP commends Cebu Credit Surety Fund

CEBU, Philippines - The Bangko Sental ng Pilipinas (BSP) has challenged the member cooperatives and non-government organizations of the Cebu Credit Surety Fund (CSF) to sustain its status as a model for other groups in the country.

 Gary Maningo, Bank Officer III of the Department of Loans and Credits (DLC) of BSP, reported that the Cebu CSF is a benchmark of other CSFs after it was chosen as the 2014 BSP awardee, besting out 37 other CSFs in the country.

 Maningo said BSP Deputy Governor Diwa Guinigundo will highlight CSF as an outcome of Filipino ingenuity in the upcoming Asia-Pacific Economic Cooperation (APEC) Summit in the country.

 “This is something we can proud of, we are bragging about this,” said Maningo who gave an overview of the CSF during the last of the two-day Risk Management Seminar yesterday held at Sarrosa International Hotel in Cebu City. The seminar was attended by around 40 leaders of member cooperatives and NGOs of Cebu CSF.

 Launched on October 16, 2009 with diverse membership of 24 cooperatives and NGOs in the entire province, the Cebu CSF is now the biggest CSF in the country in terms of funds with the total amount of P45.3 million.

 Of the P1.5 billion target loan endorsed by CSF nationwide, Cebu got more than P300 million.

 “They are putting more pressure on us, we have to maintain our status and the more we expand,” said Maningo.

 Of the total fund for Cebu CSF, P22.3 million is invested by the cooperatives and NGOs; P10 million from Cebu City government, P8 million from Land Bank of the Philippines, P5 million from Development Bank of the Philippines, and P5 million from International Guarantee and Loan Fund.

 The funds invested will be used for collaterals of loans granted by accredited banks to the borrowers.  DLC BSP Deputy Director Louella Leones conveyed the New Year’s message of Guinigundo for each one to have passion and de-dication to their jobs.

 “I’m passionate with the CSF, we want to help everyone,” Leones told the participants of the seminar.   (FREEMAN)