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BSP to launch credit surety fund in Zambales

Posted on July 10, 2015

MANILA, July 10 (PNA) — The Bangko Sentral ng Pilipinas (BSP), in partnership with the Provincial Government of Zambales, will launch the Zambales Credit Surety Fund (Zambales CSF) on Monday at the Balin Sambali, Zambales Sports Complex, Iba, Zambales.

This is the 38th CSF to be established in the country and the fourth in Central Luzon Region following the launching of the Aurora, Tarlac and Bataan CSFs.

The event will be highlighted by the signing of the Memorandum of Agreement among stakeholders, headed by BSP Deputy Governor Diwa C. Guinigundo, Zambales Governor Hermogenes E. Ebdane, Jr., and representatives of participating cooperatives and partner institutions.

The CSF is an advocacy of the BSP designed to increase the creditworthiness of the micro, small and medium enterprises (MSMEs) that find difficulty in getting access to bank credit due to lack of acceptable collateral, credit knowledge and credit track records.

The Zambales CSF is created by pooling the contributions of well-managed and well-capitalized cooperatives in the province, the provincial government of Zambales and partner institutions such as the Industrial Guarantee and Loan Fund, Development Bank of the Philippines and Land Bank of the Philippines.

Through the Zambales CSF, the participating cooperatives and their MSME members with viable business models may obtain loans from banks even without hard collateral as the surety agreement issued by the Fund will serve as alternative collateral of their loans.

The CSF program is a credit enhancement scheme which has received wide acceptance from various stakeholders since its inception in July 2008 and is expected to help underserved and unserved MSMEs gain access to bank credit. (PNA)

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