BSP warns public against dealing with CoopHub

The central bank has waved the red flag over CoopHub, warning the public at large not to deal with the company as it has not secured the requirements to operate as a Credit Surety Fund (CSF).

“The Bangko Sentral ng Pilipinas (BSP) advises the public that it has not certified CoopHub and/or any of its representatives and does not certify other persons, associations, cooperatives or organizations to facilitate and implement the BSP’s advocacy of the CSF Program,” the central bank said.

According to its website, CoopHub provides businesses in the Philippines with and marketing assistance.

“CoopHub supports MSMEs from idea generation, access to training, access to capital and access to marketing support locally and globally,” the company said.

GMA News Online has contacted CoopHub, but no response has been received as of this posting.

Initiated in August 2008, the CSF is a credit enhancement scheme for MSMEs with no access to bank credit in the absence of lack of acceptable collateral, credit knowledge, and credit track record.

“The CSF is created by polling the contributions of well-capitalized and well-managed cooperatives, non-government organizations, a local government unit and partner institutions,” according to the central bank.

The BSP warned in a statement on Wednesday that the public must not deal with CoopHub as well as:

• Not to deal with any entity or person soliciting money, investment or other activities who claims to be an officer and/or employee of the BSP in connection with the CSF Program

• Not to pay any fee to anybody with respect to CSF because the CSF promotional and organization activities conducted by the BSP are free of charge

The BSP is urging the public to report such incidents to the Financial Consumer Protection Department through the email address consumeraffairs@bsp.gov.ph., or call (+632)708-7087. —VDS, GMA News