On the 24th of November 2014, the City Government of Marikina and the Bangko Sentral ng Pilipinas (BSP), together with the partner institutions and participating cooperatives, will formally launch the Marikina City Credit Surety Fund (CSF) at the BSP Assembly Hall, BSP Complex, A. Mabini corner P. Ocampo Streets, Malate, Manila. The CSF Program is an advocacy of the BSP and is essentially a public-private partnership which links the key players of the economy for the purpose of empowering the MSME sector.
Marikina City CSF is a trust fund generated from cash contributions of participating cooperatives, the Marikina City government and partner institutions such as the Industrial Guarantee and Loan Fund, Development Bank of the Philippines and Land Bank of the Philippines. It aims to help cooperatives and micro, small and medium enterprises (MSMEs) gain access to credit from banks. The Fund will be used to secure the loans of MSMEs obtained from the banks in lieu of the required hard collaterals. Through the CSF, entrepreneurs in Marikina City who want to expand their business operations with viable business plans can now avail of loans from banks even without collaterals.
The event will be highlighted by the signing of the Memorandum of Agreement among stakeholders of the Marikina City CSF headed by BSP Monetary Board Member Alfredo C. Antonio, Marikina City Mayor Del R. De Guzman and representatives from cooperatives and partner institutions.
With the CSF’s capability training component, the internal capacity of participating cooperatives and their MSME-members in the areas of credit, finance and risk management will be enhanced to develop their credit consciousness and managerial skills.
The BSP allows the rediscounting of loans granted under the CSF program to encourage banks to lend more to the MSME sector.