Cagayan de Oro Times (January 6-12, 2013 Issue)

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CAGAYANTIMES d e O ro

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Vol. 1 | No. 22 | Cagayan de Oro City | January 6 - 12, 2013

MisOr pioneers credit surety fund program in NorthMin

T

he national government, private sector and the people are joining hands to make credit more easily accessible to small businesses in Northern Mindanao through the creation of the Northern Mindanao Credit Surety Fund (NMCSF). BSP Monetary Board Member Felipe M. Medalla and Misamis Oriental Provincial Governor Oscar S. Moreno join 15 cooperatives in signing a Memorandum of Agreement to officially create the NMCSF on Monday, January 07, 2013 at a local hotel. The occasion also marks the 83rd anniversary of Misamis Oriental’s creation as a separate province. “The Credit Surety Fund represents our joint effort with the national government through the BSP, the private sector through the banks and the people through the cooperatives to help make more readily available loans that will accelerate growth in the entrepreneurial sector,” Gov. Moreno said. “The CSF, as guarantor, will help ease

loan availability for businesses which have difficulty accessing credit. This project will help empower our small businessmen.” Initiated in August 2008, the CSF is a credit enhancement scheme which pools cash contributions from participating cooperatives, local government units and partner institutions to serve as surety in lieu of hard collaterals for loans extended by banks to micro, small and medium enterprises under the CSF Program. This NMCSF seeks to improve the bankability of cooperatives and capitalshort businessmen who have difficulty obtaining regular bank loans due to lack of or inadequate collateral, credit knowledge and credit track record. Under the CSF Program, credit facilities may now be accessed even in the absence of hard collateral through the issuance of a surety cover by the CSF in favor of the lending bank. “NMCSF is empowering our coops,” noted Norris C. Babiera, vice governor.

“Misamis Oriental blazes the trail in this endeavor by leading the way in Region X. This joint agreement will benefit our cooperatives and access to capital made readily available to small entrepreneurs who have difficulty complying with regular bank collateral requirements. Thus, capital for our coop members is secured through this securitization.” Fifteen cooperatives and non-government organizations (NGOs) have signified their interest to join the program and contributed an aggregate amount of P9.4 million to the NMCSF, while the Provincial Government of Misamis Oriental pledged P2.0 million. Now on its fifth year, the BSP said the CSF Program has been institutionalized in 19 provinces and seven cities nationwide. As of June 2012, BSP data disclosed 276 cooperatives and 90 non-government institutions contributing to various credit surety funds nationwide an estimated P350 million. (BWM News Bureau)

SHOWING OFF. A girl in Barangay Ban-ao, Baganga, Davao Oriental shows off her drawing during the presentation during the psycho-social intervention activity at a makeshift tent that serves as the assembly area of the Assembly of God. Photo by BONG D. FABE

Full Story on PAGE 8

NBI help sought to stop Villar Foundation text scam

Cynthia Villar CDOTIMES File Photo [S.Uy]

S en. Manny Vi l lar said the help of the National Bureau of Investig ati on (NBI) was sought to finally put a stop to the text scam using the name of the Villar Foundation, which he chairs. Villar said he met with NBI Dir. Nonnatus Caesar Rojas and got the commitment that the bureau’s Anti-Fraud Unit will investigate the matter. “I asked Director Rojas to prioritize this. We will be turning over to the NBI the reports we have collected so they can properly act on this,” he added. Villar, also the Nacionalista Party president, said this scam discredits the foundation that h av e b e e n i n t h e f o r e f r o nt of pro g r a m s t o b e n e f it t h e marginalized sectors of society.

E a r l i e r, t h e f o u n d a t i o n Managing Director, Cynthia Villar, denied that the foundation is sponsoring an ongoing raffle promo. One text message, coming from a certain Rodel Enriquez states: “Congratulations, your SIM no. won P580,000 from the Villar Foundation for its 20th anniversary, per DTI-NCR permit no. 0328 Series 2012.” “The scammers even included in the message a DTI permit nu m b e r a n d t h e n a m e of a person, who is misrepresenting himself as my secretary, to make it appear legitimate. However, we would like to inform the public that the Villar foundation has no ongoing raffle promos or contests," said Cynthia Villar. Another version of the text says there is a Pamaskong Handog

by the Villar Foundation. S h e a l s o u rge d a l l t h o s e w h o w i l l re c e i ve t h e b o g u s text message to immediately report to their office, contact details of which can be found o n i t s w e b s i t e ht t p : / / w w w. villarfoundation.org/. “ T h e on l y t h i n g t r u e or f a c tu a l ab out t he te x t s c am i s t h a t Vi l l a r F o u n d a t i o n i s c e l e br at i ng it s 2 0 t h ye ar anniversary,” said the former Las Piñas Representative, who added that this is not the first time that text scams were circulated to malign the Villar name. In 2010, text messages claiming to be from Senator Manny Villar’s alleged housing foundation ‘Handog-Pabahay sa OFW’ and promising cash rewards for overseas Filipino Sen. Manny Villar workers (OFWs), also circulated. CDOTIMES File Photo [S.Uy]

The CAGAYAN de ORO TIMES Editorial: thecagayantimes@gmail.com | 09273373917 | Advertising: 09177121424


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Cagayan de Oro Times (January 6-12, 2013 Issue) by Mindanao Daily News - Issuu