The local business community is upbeat with the passing into law of Republic Act 10744, otherwise known as the Credit Surety Fund Cooperative Act of 2015 on 6 February 2016. Essentially, the said law provides for the creation and organization of the Credit Surety Fund (CSF) cooperatives to manage and administer credit surety funds and to enhance the accessibility of micro, small, and medium-sized enterprises (MSMEs); cooperatives; and nongovernment organizations (NGOs) to bank credit facilities.
A boost in tourism is meant to be one of the big bonuses of hosting the Olympics. There is never any shortage of pre-games rhetoric about the bounties – generally packaged as “Olympic legacies” – that the mega-event will bring hopeful cities and their governments. But Rio 2016, as with London 2012 and others before it, has shown that the reality rarely lives up to the promises.