Representatives of more than seven million members of the country’s 71 non-stock savings and loan associations are set to convene in Baguio City starting today (March 21) to re-examine their role in the economic development in the rural areas not traditionally served by regular banking institutions.
Grouped into the Confederation of Non-Stock Savings and Loan Associations , the members will hold their three-day convention at the Baguio Country Club in Baguio City.
Consla president Ricardo L. Nolasco Jr. said the guest speaker for the convention is Director Chuchi G. Fonacier of the Supervision and Examination Sub-Sector II of the Bangko Sentral ng Pilipinas.
Fonacier will deliver her speech on Friday, March 22.
According to Nolasco, this year’s 22nd convention will have for its theme “CONSLA: Katuwang sa Pag-Unlad ng Bayan at Mamamayan” that affirms the confederation’s role as a “major economic partner of the BSP in its advocacy of financial inclusion, delivering real and tangible economic relief and growth at the grassroots.”
Nolasco said that Consla members are non-profit organizations whose primary objective is “to reduce and/or alleviate the extent of poverty by extending cheap and affordable credit to its members, who have been crowded-out from the formal banking system.”
“ In short, this is not merely an objective but a socio-economic mandate, which truly differentiates non-stock savings and loans associations from the mission and vision of traditional banks,” he added.
Nolasco, who is also the chairman of the board of the Air Materiel Wings Savings and Loan Association, Inc. (AMWSLAI), explained that CONSLA members “have always been perceived as high risk borrowers due to their relatively simple credit needs, i.e., consumption and emergency loans and inability to provide loan collaterals.”
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by MST.ph.
Comments are views by manilastandardtoday.com readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandardtoday.com. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with MST.ph editorial standards, MST.ph may not be held liable for any false information posted by readers in this comments section