MEDAN | The Financial Services Authority (OJK) is urging Perum Jamkrindo to immediately implement warehouse receipt system (SRG) guarantees to improve farmers' welfare and accelerate regional economic growth.
Dumoly F. Pardede, Deputy Commissioner for Non-Bank Financial Industry Supervision at OJK, stated that the economic value that can be gained from SRG guarantees by Jamkrindo is significant, especially as national commodity production is abundant and tends to increase year by year.
"The warehouse receipt system has not progressed for 10 years. The market should be established first, and then it will develop on its own. Supply and demand will follow. Jamkrindo can proceed immediately while waiting for state capital injections," Dumoly said after the SRG Guarantee Socialization, People's Business Credit (KUR), and Microfinance Institutions (LKM) event in Medan on Friday (June 17).
According to the Ministry of Trade regulations, there are currently 14 types of commodities that can be stored in the SRG, including corn, cocoa, coffee, paddy, rice, seaweed, rubber, rattan, pepper, salt, tin, copra, and gambier.
In terms of warehouse distribution, data from the Commodity Futures Trading Regulatory Agency (Bappebti) shows that the government has approved a total of 121 warehouses. About 70 of these, or 57.85 percent, are located on the island of Java.
"Sumatra has 20 warehouses, 16 of which are government-owned, while the remaining four are privately managed. Kalimantan has only four warehouses, and Nusa Tenggara has five. This presents a great opportunity. It is unfortunate that SRG guarantees have not yet been implemented," Dumoly said.
Responding to this, Diding S. Anwar, President Director of Jamkrindo, stated that the management could begin its role as an SRG guarantee provider in the near future since the necessary infrastructure and human resources have been prepared.
Moreover, he added that Jamkrindo's capital debt ratio (gearing ratio) still has room to boost guarantee volumes. For reference, Jamkrindo's maximum guarantee volume is Rp280 trillion according to its gearing ratio. However, as of June 1, 2016, Jamkrindo had only reached Rp48.22 trillion.
"We are ready. Our infrastructure readiness and guarantee capacity are also prepared. However, Government Regulation Number 1 of 2016, Article 9, Paragraph 2 states that Jamkrindo will start implementing SRG guarantees once it receives capital from the government," Diding explained.
(Source: cnnindonesia.com)