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DBP participates in 50th Credit Surety Fund

CSF Cauayan Isabela
President and Chief Executive Officer Cecilia C. Borromeo receives the award of excellence from GCG and ICD officials during the awarding ceremony held in Makati City. Also in photo are (from left): FVP Perla Melanie Caraan and Directors Miguel Abaya, Luis Bonguyan and Rogelio Garcia (first, second, third and fourth from left, respectively).

CAUAYAN CITY, Isabela – DBP is a participant in the Cauayan City Credit Surety Fund that aims to help improve access to credit of micro, small and medium enterprises (MSMEs) in Isabela province.

President and Chief Executive Officer Cecilia C. Borromeo said that the Cauayan City CSF is the 50th credit surety fund that the Bank is participating in. “With the establishment of new CSFs across the country and continuing support of its stakeholders, we in DBP see our participation in the CSF Program as our humble contribution in helping solve the problem of financial exclusion, and in moving the economy towards more inclusive and equitable growth,” she said during the launching of the Cauayan City CSF here last October 2.

Expressing pride in DBP being the first financial institution to participate in the CSF, she said that the Bank has approved its contribution to 49 CSFs amounting to P98.40 million and released a total of P68.65 million to various CSFs already launched.

She added that the Bank has approved around P1.24 billion worth of loans to various MSMEs under the program, with about P1.11 billion already been released. She also mentioned that DBP has simplified its credit processes especially to loans backed up by the CSF.

Initiated by the Bangko Sentral ng Pilipinas in 2008, the CSF is a credit enhancement program for the micro, small and medium enterprises (MSMEs) that cannot access bank credit due to lack of hard collaterals and credit history.

Seven qualified cooperatives joined the Cauayan City CSF, contributing an aggregate amount of P3 million. The city government of Cauayan also pledged P3 million to the fund. Aside from DBP, Landbank and the Industrial Guarantee and Loan Fund are also expected to put up counterpart contributions to the said CSF.