THE Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) are promoting credit surety fund (CSF) success stories to encourage more cooperatives, banks, and local government units (LGUs) to join.
The BSP and CDA’s “Credit Surety Fund Spotlight Forum Series” highlights inspiring stories from cooperatives, banks, and LGUs that contributed funds to CSFs, as well as micro, small, and medium enterprises (MSMEs) that obtained loans under the program. CSFs serve as guarantees for MSME loans, allowing them to borrow from banks without traditional collateral.
The BSP and CDA kicked off the series on 03 June 2025 by featuring the Nueva Vizcaya Credit Surety Fund Cooperative (NVCSF), which received the CDA Gawad Parangal’s “Most Outstanding CSF Cooperative” award in 2023 and 2024. To date, banks have released more than P509 million in loans to NVCSF members since its establishment in 2020.
A CSF is managed by an LGU partner cooperative. Contributions come from cooperatives, non-government organizations (NGOs), LGUs, the Development Bank of the Philippines, the Land Bank of the Philippines, the Philippine Guarantee Corporation, donors, and other government agencies.
Contributing cooperatives or NGOs and their individual MSME members may borrow under the program.
In a recorded message, Nueva Vizcaya Governor Jose V. Gambito said, “This program helped a lot of our MSMEs in the province. It is one of the vital components that served as the backbone of our economy.”
“We look forward to hearing from other CSF cooperatives. You help shape the future of the CSF program and inspire others to follow your lead,” BSP Managing Director Charina B. De Vera-Yap said, emphasizing the need to strengthen CSF cooperatives across the country through collaboration and knowledge sharing.
CDA Chairperson Alexander B. Raquepo noted that “The CSF is more than just a guaranty mechanism. It is a bridge that connects cooperatives and MSMEs to formal lending institutions.”
Around 40 on-site and 160 virtual participants attended the hybrid event, comprising CDA officers and staff; NVCSF Board of Directors (BOD), members, officers, and staff; and Nueva Vizcaya Alay Kapwa Multi-Purpose Cooperative BOD.
To date, 46 CSF cooperatives have been registered with the CDA nationwide.
CDA is responsible for the registration, regulation, monitoring, and supervision of CSF Cooperatives. Meanwhile, the BSP, which initiated the program in 2008, spearheads the promotion, creation, and organizational development of CSF Cooperatives, as well as facilitates the acquisition of technical assistance, such as trainings and seminars. PR