The provincial government of Negros Oriental has allocated P2 million as additional funding for the Cooperative Surety Fund to boost the cooperative movement in the province.
This was announced by Negros Oriental Gov. Roel Degamo in his speech during the recent oath-taking ceremony of the new board of directors of the Negros Oriental Coopreneurs Surety Fund (NOCSF) led by its current and third-time president Atty. Gloria Futalan.
The governor’s recent allocation brings to P7.4 million the total counterpart funds poured in by the provincial government for the CSF program, said Capitol Information Officer Adrian Sedillo in a statement.
“The provincial government first alloted P3 million for the CSF program under the administration of the late Gov. Dodo Macias which was then followed by another P2.4 million when Gov. Degamo stepped in as governor,” said Sedillo.
Negros Oriental joined the CSF bandwagon in 2009 when it signed an agreement with BSP to implement and provide counterpart funds for the local CSF.
CSF is a program pushed by the Central Bank of the Philippines to serve as a guarantee fund for cooperatives seeking loans with said bank.
This is in line with Banko Sentral’s thrust to increase the flow of credit in the countryside while recognizing the important role played by micro, small and medium enterprises (MSMEs) in the Philippine economy.
Sedillo said the governor’s move to allot additional funding for the program is a testament to the provincial government’s efforts to boost the local cooperative movement.
The governor also urged the CSF officials to come up with a study to determine the impact of the cooperative surety fund program on the lives of cooperative members. (RMN/PIA Negros Oriental)