Northern samar: The Northern Samar provincial government has successfully secured a PHP8.5-million commitment to establish a credit surety fund aimed at expanding financial access for micro, small, and medium enterprises (MSMEs) and cooperatives within the province.

According to Philippines News Agency, the Northern Samar Credit Surety Fund was raised through contributions from the provincial government, the Land Bank of the Philippines (LBP), and eight local cooperatives. This fund is designed to act as a trust facility that guarantees loans for MSMEs, which often face difficulties in securing bank financing due to inadequate collateral or credit history.

Northern Samar Governor Harris Ongchuan spearheaded the signing of the memorandum of agreement on September 15, alongside key officials from LBP and partner cooperatives. The provincial government is contributing PHP3 million from its 2025 annual budget, which is matched by another PHP3 million from LBP. The remaining PHP2.5 million is pooled from the contributions of eight participating cooperatives, including Allen Municipal Officials, Employees and Communities and Multipurpose Cooperative (MPC), Northern Samar MPC, Agricultural Workers and Entrepreneurs MPC, among others.

The provincial government expressed gratitude to the member-cooperatives for their support, emphasizing that the PHP8.5-million credit surety fund will significantly assist small entrepreneurs, farmers, fishers, and cooperatives in improving their livelihoods. This initiative aligns with the local government's development agenda focusing on health, capacity building, climate resilience, and opportunities, aiming to implement programs that are humane, inclusive, and hopeful for the residents of Northern Samar.