CATARMAN, Northern Samar - Northern Samar has made a historic first for Eastern Visayas with the launch of the Northern Samar Credit Surety Fund Cooperative (NSCSFC), an initiative that focuses on cooperatives to promote financial inclusion and bolster local economic resilience.
At the memorandum of agreement signing held on September 15 at Capitol Gym, Governor Harris Ongchuan described the event as “a historic milestone not only for Northern Samar but for the entire Eastern Visayas region,” noting that it is the first provincial-level Credit Surety Fund (CSF) Cooperative established in the region.
The cooperative, backed by the provincial government, the Land Bank of the Philippines (LBP), and eight other strong cooperatives, aims to help micro, small, and medium enterprises (MSMEs) overcome one of their biggest hurdles: collateral requirements for bank loans.
“Cooperatives are no longer just economic actors but also guarantors of hope,” emphasized Engr. Romeo M. Cardenas, Officer-In-Charge of the Provincial Cooperative and Community Affairs Office. He described the initiative as the start of a movement toward grassroots empowerment.
Under the scheme, a ₱2.5 million surety fund pooled by cooperatives guarantees MSME loans. This will be increased by ₱3.0 million from LBP and a similar contribution from the provincial government, which will boost banks’ confidence in lending.
For Ongchuan, the project signifies a shift in how local governments and cooperatives can collaborate: “This is a bold and visionary step towards inclusive financial empowerment and a declaration that the province is ready to lead, innovate, and uplift its micro and small cooperative sector.”
The key multi-purpose cooperative (MPC) partners include the Sumuroy Teachers, Employees, and Community MPC; Palapag Teachers, Employees, and Community MPC; Allen Municipal Officials, Employees, and Communities MPC; Pacific MPC; Agricultural Development Workers and Employees MPC; Northern Samar Development Workers MPC; Northern Samar Capitol Employees MPC; and Catubig MPC, whose collective contributions laid the foundation for the fund.
Stakeholders highlighted the regional impact of the initiative. Cooperative Development Authority Regional Director Venus M. Jornales emphasized the role of cooperatives in driving socio-economic development, while Land Bank Samar Lending Center Manager Ricardo P. Palacio III reaffirmed the bank’s support for expanding MSME access to finance.
NSCSFC Board Chair Rema A. Chan reaffirmed the cooperative’s strong commitment to supporting MSMEs in Northern Samar by providing the necessary resources for their success.
With its cooperative-driven funding model and provincial backing, the NSCSFC aims to open opportunities for entrepreneurs excluded from formal lending, making Northern Samar a leader in reshaping rural finance in Eastern Visayas.
PIA PHOTO
