The central bank is looking to open four new credit surety fund (CSF) facilities this year to improve access to credit for small businesses in the provinces outside Metro Manila.

Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo said that they are in talks to put up as much as four new CSF cooperatives in the country, which is seen to reach more micro, small and medium-sized enterprises (MSMEs).

The central bank official said they are eyeing to establish two more CSFs in Mindanao, one within Luzon, and another in the Visayas.

Mr. Guinigundo said a new credit cooperative may be opened within July or August. However, he noted that setting up the facility depends on local government units (LGUs), as it requires the passage of a local ordinance in order to secure counterpart funding from the provincial or municipal hall. — Melissa Luz T. Lopez

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