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BSP's Collateral-free Loan Program Under Credit Surety Fund Launched in Albay

08.27.2010

The Bangko Sentral ng Pilipinas (BSP) and the province of Albay have created the Albay Mayon Credit Surety Fund to help local entrepreneurs without collateral gain access to bank loans. In place of collaterals, banks will receive CSF guarantees for the payment of loans extended to members of cooperatives who have been screened and endorsed by the organizers of the Albay Mayon CSF. Governor Amando Tetangco, Jr. (3rd from left) and Albay Governor Joey Salceda (2nd from left) led the CSF launching in Legazpi City with (front row, from left) Land Bank Philippines (LBP) Executive Vice President Wilfredo Maldia, Industrial Guarantee and Loan Fund CEO Benedicto Ernesto Bitonio, Jr., Development Bank of the Philippines Director Ester Feria and BSP Deputy Governor Diwa Guinigundo. Also in photo are heads of member cooperatives of the Albay Mayon CSF. The fund was created from the contributions of the provincial government, member cooperatives, and institutional partners IGLF, LBP and DBP. Since BSP launched the program in 2008,  CSFs  have been set up in the provinces of Cavite, Aurora, Bohol, Negros Oriental, Negros Occidental, Davao del Norte, Davao Oriental, Compostela Valley, and North Cotabato and in the cities of Cebu and Iloilo.

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