Perum Jamkrindo will only begin its role as the Implementing Institution for the Warehouse Receipt System Guarantee once the State Capital Injection funds are disbursed. That is the directive of the Government Regulation. While waiting for the funds to be released, Jamkrindo is actively conducting outreach with several related institutions.
The President Director of Perum Jamkrindo, Diding S. Anwar, emphasized that his institution is ready to carry out its duties as the Implementing Institution for the Warehouse Receipt System Guarantee (LPP SRG), in accordance with the mandate of Government Regulation No. 1 of 2016.
"We have already established a dedicated division. The organization and human resources are ready. We are just waiting for the directive to proceed, and we will move forward," he said during the Socialization of People's Business Credit Guarantees, Warehouse Receipt Systems, and Micro Guarantee Institutions in Medan, North Sumatra, on Thursday (June 16).
"Right, Mr. Loes?" he called out to the media while introducing the Head of the Warehouse Receipt System Guarantee Division at Perum Jamkrindo: Loesdarwanto.
However, Diding also stressed that Perum Jamkrindo will only begin its role as an SRG guarantor once the State Capital Injection (PMN) funds are disbursed. "That is the directive of the Government Regulation. So, we have to wait," he asserted.
Currently, the PMN issue for SRG Guarantees is undergoing legislative processing in the Parliament building.
Diding mentioned that the government has allocated PMN funds amounting to IDR 705 billion for Perum Jamkrindo to implement SRG Guarantees. Of this amount, approximately IDR 82 billion will be used for operational costs, while the remainder will be for investment.
As if reminding Diding, the Deputy Commissioner for Non-Bank Financial Industry Supervision at the Financial Services Authority (OJK), Dumoly F. Pardede, stated that Perum Jamkrindo should begin its role as soon as possible. This is solely to improve the welfare of farmers while accelerating regional economic growth.
"The warehouse receipt system has been stagnant for 10 years. Therefore, let the market form first, and it will develop naturally. Supply and demand will follow. Jamkrindo can proceed while waiting for the state capital injection," Dumoly said after the socialization event in Parapat, Medan, on Friday (June 17).
Entering the Capital Market?
Diding is confident that the SRG Guarantee has great potential for Perum Jamkrindo's business growth.
The same confidence was expressed by the Chairman of the OJK, Muliaman D. Hadad. According to him, the economic value that can be obtained from implementing SRG guarantees by Jamkrindo is enormous, especially since national commodity production is abundant and tends to increase yearly.
Muliaman even believes that within 2-3 years, Warehouse Receipts could enter the capital market. "I think within the next 2-3 years, we can already implement securitization," he said.
Securitization is essential because the agricultural sector is often considered unbankable by banks, making it difficult for farmers to access financing. This issue is not exclusive to agriculture but also affects other sectors, such as fisheries. As a result, bargaining power weakens during peak harvest seasons.
Cutting Out Middlemen
The Minister of Trade, Thomas Trikasih Lembong, believes that the Warehouse Receipt System can cut the supply chain from farmers to middlemen. This is because farmers can store their goods in warehouses without fearing unsold inventory or value depreciation, as they are guaranteed by Perum Jamkrindo.
Moreover, the warehouse receipt system can help stabilize commodity prices in the market. Even during scarcity, farmers' stock will still be available in warehouses. "There will be no price spikes due to supply-demand imbalances," Thomas explained at the seminar "Enhancing Trust in the Warehouse Receipt System Through Guarantee Institutions," organized by Infobank and Jamkrindo in Jakarta on Wednesday (June 1).
The Ministry of Trade recorded that 117 warehouses have been approved as SRG warehouses, with 91 of them having issued Warehouse Receipts. These warehouses are spread across 19 provinces, including Aceh, West Sumatra, North Sumatra, Lampung, Banten, DKI Jakarta, West Java, Central Java, DI Yogyakarta, East Java, South Kalimantan, South Sulawesi, West Nusa Tenggara, Central Kalimantan, Southeast Sulawesi, West Sulawesi, Central Sulawesi, Bengkulu, and Bali.
Currently, 14 commodities qualify for SRG classification, including corn, cocoa, coffee, paddy, rice, seaweed, rubber, rattan, pepper, salt, tin, copra, gambier, and cashew nuts.
Boosting RG Credit
For banks, the presence of Perum Jamkrindo as the Implementing Institution for the Warehouse Receipt System Guarantee (LPP SRG) is expected to boost credit growth. This will particularly benefit banks that have long implemented Warehouse Receipt Credit, such as Bank Rakyat Indonesia (BRI).
The Executive Vice President of BRI's International Business Division, Dany Cahya Rukmana, explained that BRI's Warehouse Receipt Credit is a facility provided using Warehouse Receipts as collateral. Its primary target is farmers or cooperatives seeking to expand their businesses by securing agricultural goods such as paddy, rice, corn, coffee, cocoa, pepper, rubber, chocolate, and others as collateral.
"This system allows farmers two choices after harvesting: sell everything to repay BRI loans or store it in the warehouse, register it, and use it as collateral at BRI," he said.
Currently, BRI has 30 branches that offer Warehouse Receipt Credit. Specifically for sugar commodities, credit under the Warehouse Receipt scheme has reached IDR 278 billion.
Dany acknowledged that there are still many challenges in implementing the Warehouse Receipt Credit scheme. However, he hopes that the involvement of the credit guarantee industry will provide a solution. "Hopefully, with Jamkrindo’s presence, it will be easier to access Warehouse Receipt Credit," he added.
"Filling the Gap"
In reality, the presence of Perum Jamkrindo in the Warehouse Receipt System Guarantee can be seen as "filling the gap." Its function is to strengthen Warehouse Receipts as valid bank loan collateral.
"Banks will have more confidence in farmers who possess Warehouse Receipts because they are guaranteed by Perum Jamkrindo," said Achmad Sonhaji, the moderator of the Socialization of Warehouse Receipt System Guarantees, KUR, and LKM event in Parapat, North Sumatra, on Friday (June 17).
Currently, the Warehouse Receipt System Guarantee Division of Perum Jamkrindo is actively encouraging farmers to use nearby warehouses for storing their agricultural products. The goal is to protect them from the persuasion of middlemen who often buy their harvests at low prices.
"This also ensures that farmers do not struggle financially when preparing for the next planting season, as they will have easier access to bank credit. Their Warehouse Receipts are guaranteed by Jamkrindo," said Loesdarwanto, a speaker from Perum Jamkrindo at the socialization event.*