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Quezon City Credit Surety Fund Launched; 1st in NCR

08.19.2014

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. (center) and Quezon City Mayor Herbert Constantine M. Bautista (third from left) led the launching of the Quezon City Credit Surety Fund (CSF) which will enable MSME-members of cooperatives gain access to bank loans without collateral. In place of collateral, the CSF secures up to 80% of the loan amount granted by banks to micro, small and medium enterprises (MSMEs). The QC CSF was set up at the initiative of the Quezon City local government and local cooperatives. The CSF program, developed by the BSP to enhance MSMEs' access to bank credit, has since granted P1.1 billion loans to nearly 10,000 MSMEs through 30 CSFs. The QC CSF is the first CSF in NCR and the 31st in the Philippines. This brings the total CSFs to 14 in Luzon, 7 in the Visayas and 10 in Mindanao. Also present at the launching were, from left: BSP Deputy Governor Diwa C. Guinigundo, Land Bank of the Philippines Executive Vice President Cecilia C. Borromeo, Development Bank of the Philippines Chairman Jose A. Nuñez, Jr., Industrial Guarantee and Loan Fund CEO Benel D. Lagua, and Quezon City 5th District Councilor Jose A. Visaya.

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