Aklan Credit Surety Fund For Coops & MSMEs

by ODON S. BANDIOLA

Some 26 cooperatives and organizations of micro, small and medium enterprises (MSMEs) in Aklan have joined the Aklan Credit Surety Fund (ACSF) which is spearheaded by the Bangko Sentral ng Pilipinas (BSP), Congressman Teodorico T. Haresco, Jr. and the provincial government of Aklan under Governor Florencio T. Miraflores.

The 26 cooperatives and MSMEs groups have pledged a total of 2.8 million pesos contribution to the ACSF.
The Office of Congressman Haresco will contribute 5 million pesos to the fund while the provincial government of Aklan has pledged 5 million pesos.

Through Resolution No. 091 – S., 2013, the Sangguniang Panlalawigan of Aklan, during its 12th Regular Session, has authorized the Provincial Governor to release 5 million pesos to the fund and further authorized Gov. Miraflores to enter into and sign Memorandum of Agreement with the BSP and participating cooperatives and MSMEs groups for the formation of the ACSF.

The MOA signing was held on September 27 at the Sampaguita Gardens, New Washington, Aklan.

The CSF program is a credit enhancement scheme developed by the BSP which aims to increase the credit worthiness of MSMEs that are experiencing difficulty in obtaining loans from banks due to lack of acceptable collaterals, credit knowledge and credit track records.

CSF shall serve as security for loans of MSMEs from lending banks by providing a security cover in lieu of acceptable collaterals.  MSMEs normally find difficulty in putting up collaterals.

Loan applications of individual members of each participating MSMEs groups and cooperatives composing the CSF must be endorsed by their respective MSMEs organization or cooperative.

The Philippine National Bank and Development Bank of the Philippines are the lending banks to the ACSF.

The following MSMEs organizations and cooperatives which joined the ACSF are as follows:

Aklan Seed Growers MPC, Kalibo; Numancia Agricultural and Fisheries Producer’s Cooperative, Joyao-Joyao, Numancia; Boracay Island Hopping MPC, Manoc-Manoc, Boracay, Island, Malay; CBCP Multi-Purpose Cooperative, Camanci Norte, Numancia; Malay Port Services Multi-Purpose Cooperative, Jetty Port, Caticlan, Malay; Aparicio Agrarian Reform Cooperative, Aparicio, Ibajay; Sandona Development Cooperative, Guinbaliwan, New Washington; 

Aklan Food Processors Development Cooperative, Airport Terminal Bldg., Pook, Kalibo; Kalibo Teachers MPC, Kalibo Pilot Elementary School, Kalibo; Medical Mission Group Hospitals & Health Services; Cooperative of Aklan, Tajolosa Bldg., Roxas Ave., Kalibo; Metro Kalibo Water District Employees MPC (MKWDEMPC), Mabini St., Kalibo; Panay Health Care Multi-Purpose Cooperative, Estancia, Kalibo; Nulgea Development Cooperative, Poblacion, Numancia; Hugod Aklanon Producers Association, Inc., G/F ABL Sports Complex, Capitol Site, Kalibo; 

Boracay Land Transport MPC, Boracay, Caticlan, Malay; Caticlan Boracay Transport MPC, Caticlan, Malay; Lezo Multi-Purpose Cooperative, Poblacion, Lezo; Aklan Cooperative Alliance, 2/F Kalibo Public Market, Kalibo; Integrated Barangay of Numancia Development;

Pusiw, Numancia; Altavas District Teachers and Employees Multi-Purpose Cooperative, DLRC Bldg., Poblacion, Altavas; Twenty-Five Peso MPC, Aklan State University, Banga; Libacao Development Cooperative, Poblacion, Libacao; Madalag Development Cooperative, Municipal Hall, Madalag; Handicraft of Aklan MPC, Buswang Old, Kalibo; LBP Aklan Multi-Purpose Cooperative; and Provincial Government Employees Development Cooperative. /MP