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BSP Inaugurates New Office Building, Launches Credit Surety Fund, and Conducts Economic and Financial Learning Program Activities in Legazpi City

08.10.2010

The BSP will inaugurate its new office building in Legazpi City, the third branch constructed in the new genre of BSP buildings, on 11 August 2010. The program will commence at 10:00 a.m. with ribbon-cutting and marker unveiling ceremonies to be led by BSP Governor Amando M. Tetangco, Jr. together with other members of the BSP Monetary Board, Province of Albay Governor Jose Ma. S. Salceda, and Legazpi City Mayor Geraldine B. Rosal. The building structure will be blessed by Rev. Mons. Ramon C. Tronqued, Parish Priest of St. Gregory the Great, Albay Cathedral.

In the same event, BSP will hold the Awarding Ceremony for BSP Stakeholders to give recognition to partners all over the country who have provided exemplary support to the BSP’s statistical undertakings and advocacies. There are two (2) awardees from Region 5. Bicol Hair Export Corporation and New Naga Alta Agri Corporation will receive the Business Expectations Survey Outstanding Respondent for Large and Medium Firms and Outstanding Respondent for Small Firms awards, respectively.

The following day, 12 August 2010, the BSP in partnership with the Provincial Government of Albay will launch the Albay Mayon Credit Surety Fund (CSF). The CSF is a fund created from contributions by well-capitalized and well-managed cooperatives with a counterpart contribution from the provincial government and other donors. It aims to help small businessmen who are members of cooperatives, as well as cooperatives that have their own business, obtain loans from the banks even without the usual hard collateral requirement. The surety cover which will take the place of collateral, issued by the CSF, will guarantee their loans with the banks.

The CSF Program is expected to increase lending activities in the province, as well as stimulate business and economic activities, generate employment and increase the local government’s revenues. It will be one of the flagship equity initiatives under the Albay Rising Program which aims to turn the Province of Albay into one of the most livable provinces across the country.

The Albay Mayon CSF will be the first CSF to be launched in the Bicol Region and the twelfth since the program’s inception in 2008. The other eleven (11) CSFs that have been established are in the provinces of Cavite, Aurora, Bohol, Negros Oriental, Negros Occidental, Davao del Norte, Davao Oriental, Compostela Valley, North Cotabato, and in the cities of Iloilo and Cebu.

On 12-13 August 2010, the BSP will also conduct a series of activities under its Economic and Financial Learning Program (BSP-EFLP).  The BSP-EFLP brings together the outreach educational activities of the BSP under one flagship program.  It aims to promote greater awareness and understanding of essential economic and financial issues to help the public acquire the knowledge and develop skills needed to make well-informed economic and financial decisions and choices.  It also embodies the BSP’s thrust to promote inclusive and proactive economic and financial education among its stakeholders, the underlying philosophy of which is that a citizenry that is well-informed in economics and finance is a more effective partner of the BSP in maintaining the effectiveness of monetary policy as well as in ensuring a stronger and safer banking and payments system.  At the same time, a knowledgeable citizenry is able to contribute more meaningfully to economic development and benefit better from the opportunities that it brings.

Specifically, the following component programs of the BSP-EFLP will be conducted at The Concourse Convention Center, Gov. Forbes St., Legazpi City:

  • Public information campaign on the role of the BSP in the economy, 12 August 2010, 9:00 a.m. to 1:30 p.m.;
  • Financial empowerment course for the working force, 12 August 2010, 9:00 a.m. to 3:00 p.m.;
  • Financial learning for microfinance clients, 12 August 2010, 9:00 a.m. to 4:00 p.m. (this will be conducted at the Hotel St. Ellis, Rizal St., Legazpi City);
  • Financial learning campaign for overseas Filipinos and their beneficiaries, 13 August 2010, 9:00 a.m. to 4:00 p.m.; and
  • Financial empowerment course for students, 12 August 2010, 9:00 a.m. to 3:00 p.m.

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1 See Annex  for the description of each program and other BSP-EFLP activities

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