Davao City – The Bangko Sentral ng Pilipinas (BSP) has set up its credit facility for Mindanao by launching the credit surety funds (CSFs) in the provinces of Davao del Norte and Compostela Valley (ComVal) last July 31 at the Region 11 office of the BSP here.

BSP Gov. Amado Tetangco Jr. led the launching of the Davao del Norte Credit Surety Fund and Compostela Valley Coop Negosyo Surety Fund, together with Davao del Norte Gov. Rodolfo del Rosario and ComVal Gov. Arturo Uy.

Tetango, Del Rosario and Uy signed the Memorandum of Agreement (MoA) for the creation of the CSFs, together with Cooperative Development Authority (CDA) chair Lecira Juarez, Davao del Norte Vice Gov. Victorio Suaybaguio and ComVal Vice Gov. Ramil Gentugaya, as heads of donor institutions and chairpersons of participating cooperatives.

BSP Monetary Board Members Juanita Amatong, Alfredo Antonio, Raul Boncan, Ignacio Bunye and Nelly Villafuerte were also present to show their support for the project.

Tetangco explained that the BSP selected the two provinces as models in accelerating the micro, small and medium enterprises (MSMEs) because of their vast, varied and rich natural resources.