The Development Bank of the Philippines (DBP) has entered into loan agreements with two cooperatives in the Province of Cebu under the DBP CSF Credit Facility.
The Cebu News Workers Multi-Purpose Cooperative (Cebu Newscoop), which was originally organized for print media workers, has been granted a P1-million credit facility. Cebu Newscoop started operations in 1996 with only 34 members. Over the years, it has expanded its membership coverage to include broadcast, television, radio, and allied media workers.
DBP also renewed its partnership with the Cebu People’s Multi-Purpose Cooperative (CPMPC), increasing its credit facility from P30-million to P50-million. CPMPC is one of the largest multi-purpose cooperatives in Cebu. Over its four decades of existence, the cooperative has been considered one of the leaders in helping to strengthen social services and livelihood generation in the community, thus helping to uplift the economic and social status of its members.
The DBP CSF Credit Facility is a special lending window of the bank in support of the Credit Surety Fund (CSF) Program of the Bangko Sentral ng Pilipinas, which aims to support the growth of micro, small and medium enterprises (MSME) which are short of acceptable collateral. Through this lending window and partnerships with other cooperatives, DBP demonstrates its commitment to maximize its lending reach to both big and small cooperatives, providing them with easy access to competitive financial services and resources that satisfy the needs of the cooperative members and the community.