Transport coop gets P 1million CSF loan

Turn over the P1 million-check to the members of the transport cooperative during the province’s centennial celebration of Philippine Cooperatives.

Turn over the P1 million-check to the members of the transport cooperative during the province’s centennial celebration of Philippine Cooperatives.

Province of Davao Oriental— The Mandaya Van Transport Services Cooperative from Baganga town of this province received P1million loan from the Credit Surety Fund of the Bangko Sentral ng Pilipinas (BSP) and the Development Bank of the Philippines through the Davao Oriental Reach Surety Fund (DORSF) on Tuesday, April 14.

A representative from the DBP handed over the P1 million-check to the members of the transport cooperative during the province’s commemoration of the Philippine Cooperative Centennial Celebration.

Provincial Cooperative and Development Officer, Pacifico Castillones, who represented Gov. Corazon N. Malanyaon during the centennial program, said the implementation of the Credit Surety Fund here has truly helped small cooperatives enhance growth and sustainability by giving them access to much-needed financial support through bank credit.

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Out of the 151 cooperatives in the province, about 10 cooperatives, so far, have availed loan assistance through the CSF.

Recognizing cooperatives role in the economic development of communities, the Provincial Government of Davao Oriental was among the first provinces in Mindanao that implemented the CSF Program.

Way back in 2009 when the program was first introduced, the Provincial Government had infused contributions to the CSF to help enable poor constituents obtain loans.

Seeing the potentials of cooperatives in creating job opportunities and increasing poor people’s income, the government has established the Credit Surety Fund as a credit enhancement program that would enable poor constituents, mostly farmer cooperatives, obtain non-collateralized loans with much lower interest rates.

The coop centennial celebration here took off with an early morning parade

The coop centennial celebration here took off with an early morning parade

Meanwhile, in his message, Castillones emphasized the importance of updating financial statements and records. “These financial records ensure banks of your cooperative’s credibility,” he told cooperative members, noting these would serve as a track record and become the basis for the bank to give out loans.

He further urged cooperative members and their officials to become united in their pursuit for development and to support their cooperative’s endeavors to foster growth.

Celebrating Philippine coops’ 100 years

Started in 1915, the cooperative movement in the country has addressed the needs of the poor and marginalized sectors through provision of credit enhancement and marketing mechanisms that help them secure livelihoods, promotes self-reliance, people empowerment, and give them opportunity to contribute to the economic development.

Raising of Centennial Streamer and Banners

Raising of Centennial Streamer and Banners

As a sign of support, stakeholders that include the Provincial Government, the City Government of Mati, Provincial Cooperative Development Council, Cooperative Development Authority, and the cooperative councils and offices of the different municipalities have participated in the raising of coop centennial streamers and banners at the Capitol.  

With the theme ‘Kooperatiba: Ika-100 Taong Pagpupugay, Tulay sa Maunlad na Buhay’, hundreds of members from different cooperatives had also participated and raised their support.

The commemoration program here was graced by Cooperative Development Authority Regional Director, Elma R. Oguis who talked about the history of cooperative in the Philippines. KLD

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