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PIA Press Release
Thursday, January 19, 2012

 

Puerto Princesa raises P19.6M credit surety fund

by Vicky Mendoza

PUERTO PRINCESA CITY, Palawan Jan. 19 (PIA) -- A total of 19.6 million was raised for the establishment of a Credit Survey Fund (CSF) by the city government, millionaire-cooperatives and trustee banks during the launching of the project on Tuesday.

Governor Armando M. Tetangco, Jr. of the Bangko Sentral ng Pilipinas led the launch of the 20th CSF community in the country with the signing of a memorandum of agreement at the Asturias Hotel this city.

CSF is a credit window for micro, small and medium enterprises (MSMEs) from which borrowers can access credit facilities from banks even without collateral by way of a surety cover put up through contributions by cooperatives, non-government organizations and government banks with counterpart contribution from the local government unit.

The city government put up a counterpart contribution of P10 million which is more than double the P3.2 million contributed by 10 participating cooperatives.

The cooperatives were considered among the better-managed and well-capitalized coops in the city. These are the Medical Mission Cooperative Hospital, New Era Homeowners Multi-Purpose Cooperative (MPC), Palawan DENR MPC, Palawan State University MPC, Palawan Electric Cooperative MPC, PIADPO Employees MPC, PNAC_RIFT Employees MPC, Puerto Princesa City Employees MPC, Puerto Princesa Meat Vendors Cooperative and the Rotonda MPC.

The rest of the contribution comes from the Industrial Guarantee Loan Fund with an initial contribution of P2.4 million, Development Bank of the Philippines with P1 million and P3 million from the Land Bank of the Philippines. (DOS/VSM/PIA-Palawan)

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