A CEBU-based credit surety fund was among the stakeholders honored by the Bangko Sentral ng Pilipinas (BSP) in Manila Tuesday for their support and collaboration in the implementation of their policies, programs and advocacies.
The awarding was on its 12th year. It seeks to recognize partner institutions for their support and contribution to the BSP’s statistical undertakings, information requirements and advocacy programs.
BSP Governor Armando Tetangco Jr. handed the award to Cebu Credit Surety Fund (CCSF), which was created by the BSP five years ago.
The credit surety fund was conceptualized by the BSP to achieve inclusive economic growth by providing startup capital to micro, small and medium entrepreneurs through their respective cooperatives.
CCSF oversight committee director Elias O. Baquero of the Cebu Newscoop and CCSF member Macario Quevedo of the Cebu People’s Coop received the award at a ceremony at the BSP Complex.
The Cebu City Government and Cebu Provincial Government have put up P10 million and P3 million, respectively, to help CCSF provide capital to cooperatives providing microfinancing to small businesses.
“I thank all of you for your faithful support to our surveys, with your comprehensive, accurate and prompt response, as well as for your support and collaboration in the implementation of our policies, programs and advocacies,” Tetangco said.
“Indeed, our partnership continues to grow, deepen and get better each year. You are, therefore, one of the reasons why the BSP is successful in pursuing its mandate to provide price and banking stability that underpin sustained and inclusive economic growth,” Tetangco added.
This is the second time the CCSF was recognized by BSP as outstanding CSF in the country, beating all other 77 CSFs in Luzon, Visayas and Mindanao. It was also recognized last year.
The BSP awarded 33 institutions and an individual. These were for information support to their quarterly business expectations survey, inter-company accounts, transactions coursed through bank accounts abroad, foreign direct investment survey, coordinated portfolio survey, survey of the information technology and business process management and coordinated direct survey. They also recognized partners that have helped them work on balance of payments projections, monetary policies, inflation forecasts, among others.
Juan De Zuniga Jr., BSP Monetary Board Member and chairman of the board of judges, said that BSP has been able to continue promoting price and financial stability “through responsive and timely monetary and macro-prudential policies, firmly grounded on comprehensive information from their stakeholders.”
“In turn, our stakeholders are able to benefit from these policies through a strong and stable business environment,” De Zuniga said.