THE CREDIT Surety Fund (CSF) — a program developed by the Bangko Sentral ng Pilipinas (BSP) to help increase the credit-worthiness of micro, small and medium-scale enterprises (MSMEs) and give them access to loans — was launched in Cauayan City, Isabela on Oct. 2, the 50th nationwide. The CSF is established by pooling the contributions of cooperatives, nongovernment organizations, local government units and partner institutions such as Development Bank of the Philippines, Land Bank of the Philippines, Industrial Guarantee and Loan Fund, as well as other interested parties. An MSME member can then submit a loan proposal for evaluation. Seven cooperatives were qualified to join the Cauayan CSF, contributing a total of P3 million, the BSP said in a statement. The Cauayan City government pledged another P3 million, while the partner government financial institutions are also expected to put up counterpart contributions. The CSF, established in 2008, operates in 31 provinces and 19 cities nationwide, with total loans reaching P3.8 billion as of Sept. 15 this year for more than 16,000 beneficiaries.

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