The Industrial Guarantee and Loan Fund (IGLF), which is managed by the Development Bank of the Philippines, is this year’s recipient of the Outstanding Credit Surety Fund (CSF) Partner Award by the Bangko Sentral ng Pilipinas. The 2015 Annual Awards Ceremony and Appreciation Lunch for BSP stakeholders were held last 14 July 2015 at the BSP Assembly Hall, Manila.
The Outstanding CSF Partner Award recognizes stakeholders that provide BSP great support in its implementation of the Credit Surety Fund, a fund pooled by cash contributions from participating cooperatives, local government units and other partner institutions. CSF is a credit enhancement facility developed by the BSP that aims to increase the creditworthiness of micro, small and medium enterprises, including cooperatives, which are constrained in securing loans from banks due to lack of collaterals. The winner of this award was selected based on the amount of contribution, payment of support to other CSF activities and payment of counterpart contributions.
IGLF has always been supportive of the CSF program. Of the aggregate approved amount of P99-million, it has released P73.23-million to 30 CSFs as of 30 June 2015, with the following new entrants: Bataan Credit Surety Fund, Quezon City Credit Surety Fund, Marikina Credit Surety Fund, Agusan del Norte Credit Surety Fund, Butuan Credit Surety Fund, San Jose City Credit Surety Fund, Science City Credit Surety Fund, and Nueva Vizcaya Credit Surety Fund.
Themed “12 Years and Beyond: Celebrating Strong Partnerships and Successful Collaborations,” the awards ceremony is BSP’s annual tradition to show gratitude to people, companies and institutions that provided outstanding support to BSP in its information requirements and advocacy programs. The occasion also marked BSP’s 22nd year of Central Banking as Bangko Sentral ng Pilipinas and the 12th year of the BSP Stakeholders Awards Ceremony and Appreciation Lunch.
For 2015, BSP’s token of appreciation is a metal figure of the Philippine eagle perched on a half circle over the three stars representing price stability, financial stability, efficient payment and settlement systems, in all the three islands of Luzon, Visayas and Mindanao designed by well known visual Filipino artist Ferdinand Cacnio.