News & Updates

SP approves resolution geared to registering PCSF with Cooperative Development Authority

LINGAYEN, PANGASINAN—The Sangguniang Panlalawigan (SP), in its regular session on November 6, approved a resolution authorizing Governor Ramon V. Guico III to enter into a Memorandum of Agreement (MOA) for the registration of the Pangasinan Credit Surety Fund (PCSF) with the Cooperative Development Authority (CDA).

Said measure will enable the governor to sign a MOA with the Bangko Sentral ng Pilipinas (BSP), the Land Bank of the Philippines (LBP), different cooperatives, and other stakeholders to signify strong support for creating an environment conducive to the growth of MSMEs in the province.

“Republic Act No. 10744, otherwise known as the Credit Surety Fund Cooperative of 2015, declares that the State recognizes the need to foster national development, promote inclusive growth, and reduce poverty by promoting the growth of MSMEs that facilitate local job creation, production, and trade in the country,” the resolution authored by SP Member Jerry Agerico B. Rosario disclosed.

As such, the resolution stated that there is a need to encourage banks to provide adequate financing to MSMEs in a manner that will not compromise the safety of funds deposited with them by the banking public.

“There are well-capitalized and well-managed cooperatives operating in the Province of Pangasinan, the membership of which includes the owners or proprietors of, or investors in MSMEs,” the resolution said.

Furthermore, the resolution cited that cooperatives and the provincial government are strategically positioned to provide MSMEs with credit enhancement support so that banks may be encouraged to accelerate the flow of credit to the countryside towards a balanced and sustainable growth of the economy.

“The LGU supports the promotion and sustainability of the CSF Cooperative to its constituents, highlighting the latter’s benefits to MSMEs and cooperatives,” stated the resolution, even as it added that the LGU is responsible for the governance, development, and welfare of its constituents within its jurisdiction and recognizes the value of synergizing resources, expertise, and networks to implement programs, projects, and initiatives to address local challenges, encourage entrepreneurship, and enhance the quality of life for cooperatives and MSMEs.

It can be recalled that the present administration, under the stewardship of Gov. Guico, fully supports local MSMEs, even encouraging them to penetrate the global arena and proudly promote local products worldwide.

(Ruby R. Bernardino/PIMRO)

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