Manila, Sept. 17 -- The Northern Samar provincial government has secured some PHP8.5-million commitment to establish a credit surety fund meant to expand financial access of micro, small, and medium enterprises (MSMEs) and cooperatives in the province.

The local government raised the Northern Samar Credit Surety Fund through contributions from the provincial government, Land Bank of the Philippines (LBP), and eight cooperatives operating in the province.

"It will serve as a trust facility to guarantee loans made by MSMEs who often face difficulties securing bank financing due to lack of collateral or credit history," the provincial government said in a statement Wednesday.

Northern Samar Governor Harris Ongchuan led the signing on Sept...