JAKARTA | The Warehouse Receipt System in the country has not yet been running optimally and is still unable to attract relevant industry players to develop it. To address this issue, Perum Jamkrindo conducted a study abroad, in Bulgaria.
In the future, players in Indonesia’s Warehouse Receipt System must strive harder. Although it has existed for years, this industry has not gained significant attention and does not appeal to related industries.
Unlike Indonesia, Bulgaria has successfully implemented the Warehouse Receipt System. There, all farmers are required to store their harvests in warehouses, ensuring national food availability and commodity price stability. This program, originally a government initiative launched in 1997, has now become self-sustaining without additional subsidies.
Bulgaria’s success in implementing the Warehouse Receipt System has piqued the interest of Perusahaan Umum Jaminan Kredit Indonesia (Perum Jamkrindo) to study it. Field visits and direct discussions with industry players in Bulgaria are considered valuable in equipping Perum Jamkrindo to develop the Warehouse Receipt System domestically.
This visit aims to obtain a comprehensive understanding of the implementation of the Warehouse Receipt System, which includes an indemnity fund. Additionally, it serves as a reference for preparing various aspects related to its implementation.
"Perum Jamkrindo needs to conduct field visits to directly meet and discuss with relevant stakeholders in a country that has successfully implemented the Warehouse Receipt System with Indemnity Fund protection," said Diding S. Anwar, President Director of Perum Jamkrindo.
During Perum Jamkrindo’s visit, it was found that the objectives of the warehouse systems in Indonesia and Bulgaria differ. However, the processes are similar, making implementation easier.
Bulgaria initially adopted the Warehouse Receipt System to address a food crisis at that time. Moreover, the Bulgarian government successfully increased food production and managed it through this system. The system also encouraged farmers to cultivate agricultural commodities according to quality and quantity standards.
The Warehouse Receipt System enables farmers to connect directly with banks for financing, whether for their livelihood when prices are low or for trade financing (working capital).
From the warehouses visited, namely Atriko Warehouse Operator and Agromill Warehouse, Perum Jamkrindo observed that these warehouses serve not only as storage facilities but also as places where farmers can secure loans from banks.
The collaboration model between farmers, warehouses, and banks, supported by a guarantee company, is considered more efficient and beneficial. Warehouse receipts issued by storage facilities can be used as collateral for bank loans, allowing credit to be disbursed immediately. In this system, the guarantee company plays a crucial role in ensuring proper warehouse management and securing bank credit distribution.
From the banking perspective, the Warehouse Receipt System greatly assists farmers. Banks can easily provide financing, and the existence of guarantee funds enhances their confidence in extending credit within this system.
Different fields, different customs. The implementation of the Warehouse Receipt System in Bulgaria cannot be fully replicated in Indonesia. Different objectives influence the system’s application. In Indonesia, the primary goal is to improve farmers' welfare. Farmers have long been in the weakest bargaining position, with their harvest prices frequently manipulated, especially by middlemen.
Diding stated that the Warehouse Receipt System is an instrument that can be utilized by farmers, farmer groups, cooperatives, and business players (traders, processors, manufacturers) as a mechanism for deferred sales and trade financing. It provides business access to credit using stored commodities as collateral.
"With the availability of a guarantee mechanism in the Warehouse Receipt System, warehouse operators will be able to fulfill their obligations to return stored goods in case of negligence that leads to warehouse management failure. This is where Perum Jamkrindo’s role is essential—to ensure proper warehouse management," he explained.
Therefore, implementing guarantees within the Warehouse Receipt System must be supported by regulations that do not disadvantage any party. The regulatory body, in this case, Bappebti, plays a key role in determining whether a condition qualifies as a default covered by the guarantee fund. Such decisions must be made promptly.
Although preparations for managing the Warehouse Receipt System have been well-structured, its implementation still awaits government intervention. Diding reaffirmed that his institution would only assume the role of the Warehouse Receipt System Guarantee Implementing Agency once the State Capital Injection (PMN) funds are disbursed.
"The government has allocated Rp705 billion in PMN funds and Rp82 billion in operational funds for Perum Jamkrindo to implement the Warehouse Receipt System guarantee. Currently, the PMN issue is in the legislative process at the DPR," he concluded. (Public Relations)