Bataan cooperatives may avail P 240 million loan portfolio

BALANGA CITY, Bataan -Twenty-four (24) multi-purpose cooperatives here may avail of about P240 million loan portfolio from government lending institutions with the creation of Bataan Credit Surety Fund (BCSF).

Ms. Azucena E. Sugatain, provincial cooperative and enterprise development officer, described the establishment of BCSF as  basically  the outcome of extensive innovative and constructive  approaches of the provincial government  and cooperatives of  providing   micro, small and medium entrepreneurs (MSMEs) with credit facilities  for their production expansion and investment projects .

With this financial development concept, the government-run banks may participate in fast-tracking the flow of investments up to the farthest communities to achieve a balanced sustainable economic growth.

She explained that Bataan Governor Albert Raymond S. Garcia has envisioned the strengthening of cooperativism as an imperative engine of socio-economic development and fostering the quality of life of the people in the remote areas of the province.

Ms. Sugatain  highlighted  the provincial government in partnership with other concerned sectors would develop and pursue an efficient and effective  business  framework of capability building program that would enhance the managerial, marketing financial, accounting  and credit management skills of the  cooperatives.

Under the Memorandum of Agreement, the Bataan Credit Surety Funds (Bataan CSF)  shall be used primarily to provide surety cover for MSMEs’ loans or credit facility obtained from banks by any of the cooperatives or by its members.

The principal signatories of the Deed of Trust include Bataan Governor Albert Garcia for the provincial government invested P5 million; representatives of Land Bank of the Philippines (Land Bank), Development Bank of the Philippines (DBP) and Industrial Guarantee and Loan Fund (Central Bank) donated P3 million each  while the 24 cooperatives in the provinces invested P21.3 million.

Bataan reportedly has 113 registered and operational multi-purpose cooperatives.