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PIA Press Release

Feature: RA 9520 provides more services to coop members

by T. Villavert

Iloilo City (18 February) -- The signing into law of RA 9520 otherwise known as the Philippine Cooperative Act of 2008 will give 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 Malacanang press report disclosed that President Gloria Macapagal-Arroyo signed into law RA 9520, bringing to a successful end the campaign of cooperatives for a strengthened and more comprehensive law on the promotion and development of the country's cooperatives

The new law whose principal sponsors: Sen. Juan Miguel F. Zubiri, chairman of the committee on cooperatives in the Senate, and his House counterpart, Rep. Ernesto C. Pablo, amends the 1990 Cooperative Code of the Philippines, otherwise known as RA No. 6938.

RA 9520 outlines in greater detail the requirements in professionalizing the management and operation of cooperatives, and provides for a monitoring and evaluation tool for the cooperatives to conduct self-assessments of its managerial, financial, and social objectives.

Under the new law, cooperatives are expected to play important roles in the country's social justice and sustainable economic development programs.

The Malacanang Press report also disclosed that per Cooperative Development Authority (CDA) had report, 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, the Malacanang press report disclosed. (PIA 6) [top]

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