BSP: Pangasinan is most outstanding LGU
EXCELLENT CREDIT PROGRAM
PANGASINAN will be awarded “Most Outstanding LGU” by the Bangko Sentral ng Pilipinas (BSP) for its effective implementation of the credit surety fund (CSF) program.
Initiated in August 2008, the CSF is a credit enhancement scheme created by the pooling of cash contributions from participating cooperatives, local government units and partner institutions.
Provincial Administrator Rafael Baraan said the CSF program gave household heads access to funds for starting viable livelihood activities.
The CSF serves as guarantee, in lieu of hard collaterals, for loans extended by banks to micro, small, and medium enterprises participating in the CSF program.
It aims to improve the bankability of cooperatives and entrepreneurs who are short on capital and often confronted with difficulty in obtaining loans due to lack of collateral, credit knowledge, and credit track record.
BSP will confer the award to Pangasinan and its other institutional partners all over the country that have provided exemplary support to its various statistical initiatives, information requirements and advocacy programs on July 16 at the BSP Assembly Hall, BSP Complex, Manila.
Amado Tetangco, Jr., chairman of the monetary board and BSP governor, will lead in honoring this year’s awardees. (PIA-1 Pangasinan/AMM)
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