JAKARTA - Perusahaan Umum Jaminan Kredit Indonesia (Perum Jamkrindo) has been appointed as the implementing institution for the Warehouse Receipt System (SRG) guarantee under Government Regulation No. 1/2016.
The SRG guarantee is mainly used by farmers, collectors, and cooperatives. Every harvested product stored in a warehouse is guaranteed against the risk of loss. The purpose of this system is to ensure that if the warehouse operator fails to fulfill its obligations, the warehouse receipt (RG) held by the farmer can be used as collateral for a loan while waiting for the price to rise.
Jamkrindo's Director, Bakti Prasetyo, said that currently, there are 14 commodities ready to be guaranteed under the SRG system. These commodities include rattan, rice, gambir, tea, corn, rubber, seaweed, coffee, cocoa, tin, pepper, copra, and salt.
According to Bakti, the general policies, regulations, SOPs, and technology have been prepared. However, as per Government Regulation No. 1/2016, the guarantee can only be effectively implemented after the State Capital Participation (PNM) is received. "As of 2017, there has been no allocation of PNM for the SRG guarantee. This might be due to budget constraints, as we all know," said Bakti on Tuesday (March 27).
Nevertheless, due to the strong market demand, the SRG guarantee has been initially implemented on a commercial basis, though in limited amounts. The SRG guarantees range from Rp 100 million to Rp 300 million.
Meanwhile, another Jamkrindo product based on Warehouse Receipts is Collateral Management Asset (CMA). CMA is a guarantee product primarily used by suppliers. These suppliers usually have contracts with large companies, so the value of CMA guarantees can reach up to Rp 10 billion.
"CMA is mostly in the form of inventory financing. Suppliers already have capital and stock, but since payments are usually delayed, they need funds," explained Bakti.
Bakti targets that the overall warehouse receipt business can reach Rp 2 trillion. "For CMA, this is a new business that needs to be continuously developed, while SRG should focus on expanding guarantees for other commodities," Bakti hopes. (Source: Kontan.co.id)