Jakarta | Perum Jaminan Kredit Indonesia is awaiting derivative regulations for the implementation of warehouse receipt guarantees.
Bakti Prasetyo, Director of Guarantee at Perum Jaminan Kredit Indonesia (Jamkrindo), stated that with the issuance of Government Regulation No. 1/2016, Jamkrindo will function similarly to the Deposit Insurance Corporation in the banking system.
"This designation is the initial stage of the warehouse receipt system guarantee itself. It still needs to be followed up with a series of other steps," said Bakti in Jakarta, as quoted on Wednesday (24/2/2016).
He said that the guarantee system for warehouse receipts will only be operational once there is certainty regarding the form of the guarantee fund and operational funds. "Just like PMN funds," he said.
Additionally, Bakti mentioned that several implementing derivative regulations are still being discussed. Therefore, inter-ministerial coordination is in progress to finalize these supplementary regulations. "And this will definitely take time," said Bakti without providing an estimate of when the system can be realized.
However, he assured that his company is capable of implementing this program, especially since this system will benefit farmers.
The Commodity Futures Trading Regulatory Agency (Bappebti) stated that the volume of the Warehouse Receipt System (SRG) and the Commodity Auction Market (PLK) will increase in 2016 following their integration through an online platform. Bappebti Head Sutriono Edi said that the synergy between SRG and PLK would enhance the volume of both instruments.
Throughout 2015, a total of 117 warehouses were approved as SRG warehouses, with 91 of them having issued receipts. Their locations are spread across 19 provinces. Meanwhile, the number of warehouse receipts issued from 2009 until December 31, 2015, totaled 2,173 receipts, with a total commodity volume of 81,440.08 tons.
The breakdown includes 68,742.06 tons of unhusked rice; 6,449.22 tons of rice; 5,101.07 tons of corn; 553.27 tons of coffee; 530.57 tons of seaweed; 3.14 tons of cocoa; and 10.75 tons of rattan, with a total value of Rp450.54 billion. Meanwhile, the financing provided by financial institutions amounted to Rp275.72 billion.
Additionally, the transaction value of PLK in mid-2015 reached Rp240.55 billion with a total of 136 types of commodities. The ten largest commodity transactions were corn with a market share of 17.37%, followed by rice (16.43%), ginger (6.90%), pepper (6.55%), shallots (4.74%), oranges (3.58%), cocoa (3.11%), coffee (2.89%), black gambier (2.66%), and cashew nuts (2.20%). (Source: Bisnis.com)