Bohol’s credit surety fund bats for Lingkod Bayan nomination

April 1, 2010 10:08 pm 

TAGBILARAN CITY, Bohol, April 1 -– Bohol Coopreneurs Credit Surety Fund (BCCSF) made it to the bandwagon of local government units (LGUs) serving as components of Bangko Sentral’s nomination to the 2010 Presidential Lingkod Bayan Award under the “Institutional Award” category.

Gov. Erico Aumentado’s chief of staff, Antonieto Pernia –the provincial government’s point person of BCCSF being the head of Bohol Poverty Reduction Management Office (BPRMO), confirmed Bohol’s participation as among the nominees, along with some partner LGUs of Bangko Sentral ng Pilipinas Credit Surety Fund program and the BSP itself.

“The Presidential Lingkod Bayan Award is conferred by the President of the Philippines to individuals or groups for exceptional and extraordinary contributions resulting from an idea of performance that had nationwide impact on public interest, security and patrimony,” according to Rosalinda Dumaliang, director of the monetary operations sub-sector of BSP’s Department of Loans and Credit.

Working even on Maundy Thursday, Pernia affirmed Bohol’s compliance of the requirements as discussed during the meeting with Dumaliang and representatives from the LGUs of Cavite, Aurora and Metro Cebu on March 5 in Manila where they also came up with a collective decision to pursue the nomination of BSP and partner LGUs.

In her follow-up letter, Dumaliang reminded the LGUs to comply the requirements before the deadline of formal submission of nominations to the Civil Service Commission on April 30.

The requirements include full payment of the LGU contribution before April 30, commitment to attain at least 50 percent of the target loans by June 30, and get bank’s approval on loans equivalent to double of the total cooperatives’ contribution to the CSF or the bank’s approval on loans to at least 10 borrowers.

Since its launching on February 15 last year, BCCSF has already helped six local entrepreneurs obtain loans aggregating P9 million from the First Consolidated Bank and the Development Bank of the Philippines, by issuing surety covers to secure the loans.

At present, 14 more loans amounting to P13 million are under process.

Vice-Governor Julius Herrera facilitated Sangguniang Panlalawigan’s approval last year of Aumentado’s request to include the provincial government’s P5-million counterpart for the CSF in the Annual Investment Program funded by the 20-percent development fund.

The BSP will also invite other established CSFs from among the seven other partner LGUs –Negors Oriental, Compostela Valley, Davao del Norte, Iloilo City, Negros Occidental, North Cotabato and Davao Oriental.

Of the total 11 partner LGUs, BSP has gathered 172 participating coops and three non-government organizations with paid-up contributions of P76.579 million and has issued surety covers for a total of P45.8 million loans approved and released by the bank.

Loans with total amount of P94.12 million are still in process.

BSP targets to endorse a total of P285 million loans and get the bank’s approval this year, according to Dumaliang.(PNA)

LDV/AV/mec

Comments

Comments are closed.