Don’t deal with CoopHub – BSP

THE Bangko Sentral ng Pilipinas (BSP) is warning the public not to deal with a company allegedly posing as an authorized entity under its Credit Surety Fund (CSF).

In a statement on Wednesday, the central bank said it had not “certified CoopHub and/or any of its representatives” and “does not certify other [individuals or groups]to facilitate and implement…the CSF Program under Republic Act 10744, or the CSF Cooperative Act of 2015, and its implementing rules and regulations.”
On its website, CoopHub describes itself as “an umbrella organization of multisectoral groups of community leaders and volunteers,” such as cooperatives, non-government organizations (NGOs), people’s organizations, and micro, small, and medium enterprises (MSMEs).

It claims to provide scholarship programs to accredited members in partnership with the University of the Philippines Open University (UPOU); supports MSME, from idea generation and access to capital and training to marketing support; and empowers multisectoral groups in implementing digital and financial inclusion programs.
In a statement on June 11, UPOU denied ties with CoopHub, saying it used the university’s name, logo, and pictures on its online sites, marketing activities, seminars, and course offerings without its authorization.

Money for CSF are contributed by well-capitalized and well-managed member-cooperatives and NGOs, local governments, government financial institutions, and other state bodies.

CSF acts as a surety fund for loans to qualified MSMEs, in lieu of hard collaterals.

“Pursuant to RA 10744, the BSP shall spearhead the promotion, encouragement, creation and organizational development of CSF cooperatives all over the country,” the central bank said.

It advises the public not to deal with any person soliciting money or investments who claims to be a BSP officer or employee in connection with the CSF.

“The public should not to pay any fee to anybody with respect to CSF, because CSF promotional and organization activities conducted by the BSP are free of charge,” the central bank said.

To date, there are 51 CSFs established in 32 provinces and 19 cities. Approved loans totaling P4.586 billion have been released to 16,356 beneficiaries as of end-2017.

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