Bangko Sentral ng Pilipinas : and Province of Misamis Oriental Seal Partnership Through Credit Surety Fund Program

Bangko Sentral ng Pilipinas and Province of Misamis Oriental Seal Partnership Through Credit Surety Fund Program

01.07.2013

The Northern Mindanao Credit Surety Fund (NMCSF) will formally be launched today at the Enterprise Hall, Mallberry Business Suites Hotel, Florentino Street, Cagayan De Oro City. This affair will be spearheaded by the Provincial Government of Misamis Oriental and the Bangko Sentral ng Pilipinas (BSP), in collaboration with the donor institutions and participating cooperatives.

NMCSF is a surety fund established to help cooperatives and their micro, small and medium enterprise (MSME) members secure collateral-free loans from banks. The surety fund is the pooled cash contributions of participating cooperatives, local government unit and other partner institutions.

The Bangko Sentral ng Pilipinas and the Provincial Government of Misamis  Oriental will lead the signing of the Memorandum of Agreement (MOA) ushering the creation of NMCSF as the 27th Credit Surety Fund (CSF) in the country.

Fifteen cooperatives in the province have joined the NMCSF with an aggregate contribution of P9.4 million while the Provincial Government of Misamis Oriental through Governor Oscar S. Moreno pledged to contribute P2.0 million.  The Industrial Guarantee and Loan Fund, Development Bank of the Philippines and Land Bank of the Philippines have also expressed strong support to the CSF Program with their contribution pledges to augment the fund.