PGMA to sign into law amendments to Philippine Cooperative Code
Manila (17 February) -- President Gloria Macapagal-Arroyo will sign into law the proposed Philippine Cooperative Code of 2008 in simple ceremonies in Malacaņang Tuesday, February 17, 2009.
Sponsored in the Senate by Sen. Juan Miguel F. Zubiri, chairman of the chamber's committee on cooperatives, and in the House of Representatives by Rep. Ernesto C. Pablo, the bill was passed in Nov. 2008.
The new law (Republic Act (RA) No. 9520) amends the 1990 Cooperative Code of the Philippines or RA No. 6938.
The new cooperative legislation gives cooperatives greater opportunities to serve their members, not only in term of financial assistance, but also in undertaking more productive activities geared toward the upliftment of their members.
The new cooperative code outlines in greater detail the requirements in professionalizing the management and operation of cooperatives, while providing a monitoring and evaluation tool for the cooperatives to conduct self-assessments in terms of its managerial, financial, and social objectives.
The end result of the enactment of the Philippine Cooperative Code of 2008 is the utilization of the cooperatives for social justice and sustainable economic development.
The Cooperative Development Authority (CDA) had reported that the number and types of cooperatives registered since 1990 are: 4,812 savings and credit cooperatives; 1,369 consumer cooperatives, mostly in public and private offices and schools; 1,409 producers cooperatives: 911 marketing cooperatives; 1,806 service cooperatives providing power distribution, potable water and irrigation system, public and private transportation service; and 60,000 registered agricultural and non-agricultural cooperatives.
The entire cooperative sector generated 1.636 million jobs in 2006, 1.563 million jobs in 2005 and 1.498 million jobs in 2004.
An estimated 500 leaders, representing almost 24,000 cooperatives all over the Philippines, are expected to attend the signing ceremony. (PIA-MMIO) [top]