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Collateral-free Loans for Mindanao MSMEs Through Credit Surety Fund

08.24.2009

Davao del Norte and Compostela Valley are the first provinces in Mindanao to join the Credit Surety Fund Program (CSF) conceptualized by the Bangko Sentral ng Pilipinas to enable micro, small, and medium enterprises to access bank loans without collateral.  Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. (center),  Compostela Valley Governor Arturo Ty (left), and Davao del Norte Governor Rodolfo del Rosario (right) led the launching of the Credit Surety Fund Program in Davao City. Under this multisectoral program, a credit surety fund -- created out of contributions from the association of cooperatives in each province, the provincial governments, and the national government’s Industrial Guaranty and Loan Fund (IGLF) administered by NEDA --   serves as security for the loans approved by the CSF Oversight Committee. Banks that extend loans secured by the CSF can rediscount these with the BSP.

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