LINGAYEN, Pangasinan -The Pangasinan Credit Surety Fund (PCSF) has now a total of P22.6 million trust fund with 18 cooperative members as of December 31, 2013, allowing more micro and small businesses in the different parts of the province to avail of the fund utilization to boost the growth of their respective businesses, a report from the province’s program management support team revealed.
In the annual report to the PCSF’s 4th General Assembly held here Saturday (May 31), Luzviminda Muego, a member of the team, said amount has been pooled from the contributions of the donor institutions amounting to P16.6 million and P 5.9 million from the member cooperatives.
The provincial government, under the leadership of Gov. Amado T. Espino, Jr., donated P10 million for the credit surety fund when it was introduced here by the Bangko Sentral ng Pilipinas (BSP) on May 2011.
Pangasinan has the highest contribution from among the 29 provinces in the country with CSF since it was launched in 2008, and the province was cited as the “Most Outstanding Local Government Unit in support to the Credit Surety Fund in July 2013.
The Credit Surety Fund aims to highlight the significant role of micro, small and medium enterprises (MSMEs) not only in the countryside development but also as drivers of the Philippine economy as well.
The trust fund serves as collateral of the cooperative-members wherein they are given certificate of guarantee by CSF which they may present to banks when applying for loans. A cooperative can avail loans ten times of its paid contributions with minimal interest.
Aside from the province, the donors to the province’s CSF include the Land Bank of the Philippines (LBP) which shelled out P3 million while Development Bank of the Philippines (DBP) shared P1 million. The Industrial Guarantee Loan Fund (ILGF) put up P2.6 million to the fund.
From P2.6 million contributions in 2011, it now reached to P6.2 million due to the increase of cooperatives joining to the PCSF from 12 members to now 18 with Albacopa Federation of Cooperatives in Alcala town having the highest contribution amounting to P1.6 million.
The Biba-Diwa MPC in Malasiqui and San Gabriel Segundo MPC in Bayambang town contributed P1.1 million and P1 million respectively followed by Malingas MPC in Calasiao with P500,000 contributions.
The report also revealed that the province’s Credit Surety Fund has already helped the member-cooperatives on their agri-based ventures now reaching up to P35 million total cumulative loans as of December 31.
Provincial Administrator Rafael Howard Baraan expressed hoped that the PCSF will increase its membership by the year 2015 and the LGUS would also contribute to the trust fund so that more marginalized people can be benefited from the program.
“The ultimate measure of success in all our undertakings is we are able to translate the vision of Pangasinan as a best place to invest, work, live and raise a family at the household level,” Baraan told the cooperative managers.
The credit support fund, he said, is now one of the priority programs of the present administration under its livelihood program wherein cooperatives will play an important role in empowering the people to rise from poverty.
“Let us create a dynamic entity so that in the near future cooperatives are the best community organization in the whole world,” Baraan said.
Dr. Edmund Mendoza, PCSF’s chief-executive officer, for his part, pointed out the importance of interdependence among the cooperatives.
“Integration of efforts is very crucial so that we can attain the true spirit of cooperativism,” he said.
In achieving this goal, Mendoza said the PCSF intends to convince other cooperatives to join in the credit surety fund targeting 30 member-cooperatives to reach its 100-million surety fund target by 2015. Based on the report, the province has 55 millionaire cooperatives.
Also, it plans to conduct various trainings for the CSF institution members in relation to the improvement of Credit Management and Monitoring Efficiency as well as the installation of Paperless and Interconnected Credit Records Information Systems.
The PCSF will soon have its office building in Lingayen.
By Dexter A. See