• AsiaDHRRA taps NATCCO to help Farmers’ Co-op

    EASTERN SAMAR – Many agricultural cooperatives fail due to the inability of its members – mostly farmers – to run its operations.  But for a farmers’ cooperative named Island of Samar & Leyte Agriculture Cooperative (ISLACO), the future looks bright. Read More
  • CDA now under DTI

    MANILA – President Rodrigo Duterte ordered the Cooperative Development Authority (CDA) to be placed under the Department of Trade & Industry (DTI).  Malacanang Palace issued Executive Order 67 on October 31.   It will be recalled that just on his Read More
  • First Co-op Chess Tourney in History

    MAKATI CITY – More than 200 chess players battled wills over the Chess Board on Sunday, October 22, at the First Co-op Cup Chess Tournament held at the Alphaland Southgate Mall, with Max Dave Tellor of Adamson University taking the Read More
  • ACCU Founder Rekindles Raiffeisen Ideals

    Mr. Andrew So, one of the founders of the Association of Asian Confederation of Credit Unions gave this inspirational speech at the 2018 ACCU Forum in September in Manila.   Social Justice is a moral principle and a moral value. Read More
  • Co-op Month Celebrated Nationwide!

    Cooperators all over the country celebrated the Cooperative Month this October, culminating in the National Cooperative Day on October 20.   According to the Co-operative Month Secretariat that collates nationwide data and monitors social media posts under the hashtag “#1coopnation”, Read More
  • Co-op Resiliency & Sustainable Development

    COOP-NATCCO Rep. Anthony Bravo delivered the following Privilege Speech in Congress last  October 8.   Mr. Speaker, honorable colleagues, I rise today as we again honor our cooperatives across the country for being resilient amidst the growing inflation and other Read More
  • Duterte Meets Leaders on 103rd Year of Philippine Co-ops

    MANILA – President Rodrigo Duterte met with 250 co-op leaders on October 17 in the Malacanang Palace, to hear co-op issues and concerns, and hear proposals on how co-ops and Government can work together to accelerate nation-building.   This is Read More
  • First Movers Ink Contractual Solidarity

    CAGAYAN DE ORO CITY – The NATCCO Network has moved closer to its Vision of becoming an integrated federation of co-ops as eight leaders signed the Contractual Solidarity Agreement.  The simple ceremony is  considered to be the highlight of the Read More
  • Let's Get Digital!

    USAID’s Mamerto Tangonan gave a talk entitled The National Retail Payment System & the Digital Finance Landscape in the Philippines, delivered at the NATCCO Co-op Leaders Congress in Limketkai Luxe Hotel in Cagayan de Oro City for all co-ops to Read More
  • First Co-op Cup Chess Tournament October 21

    Excellent Peoples' MPC and NATCCO Network recently signed an Agreement to hold the first chess tournament for co-ops.   In the spirit of Cooperative Solidarity, the First Co-op Chess Cup Tournament for co-operators is scheduled for October 21 with theme Read More
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CA says CISA Constitutional

THE Court of Appeals (CA) has denied the motion for reconsideration filed by the Baguio-Benguet Community Credit Cooperative (BBCCC) against the Credit Information Corp. (CIC), and upheld the constitutionality of the inclusion of cooperatives in submitting credit data of their member-borrowers to the CIC.

The resolution dated June 6, 2018, signed by Chairman Associate Justice Remedios A. Salazar-Fernando of the Former Second Division CA, declared that the petition raised by the said credit cooperative does not warrant the reversal of the assailed decision. The latter had stated that even if credit cooperatives extend loans only to their members or that cooperatives are autonomous, they are not exempted from the mandatory coverage of the law because they provide credit facilities to their members.

The Former Second Division CA also maintained that the law, which created CIC aims to establish a credit information system that is as comprehensive as possible, and that the exclusion of credit cooperatives from the mandatory coverage and operation of the law will, to some extent, weaken, if not defeat the purpose of the law.

On March 7, BBCCC, through its manager May Ann Bungag with Atty. Nelson V. Gayo, Oscar R. Adversalo, Conrad B. Chan, Mario S. Valdez, Emmanuel V. Tadeo and Consuelo M. Fernandez, filed a motion for reconsideration, saying the CA misinterpreted the issue they raised and the law.

On January 22, 2018, the Court of Appeals on its Notice of Judgment affirmed they were not convinced, denied the petition for lack of merit and dismissed the petition. It upheld the constitutionality of RA 9510 and its Implementing Rules and Regulations.

The CIC has been tasked to be the country’s central credit registry. It was created by Republic Act 9510, or the Credit Information Systems Act (CISA), to receive data from banks, credit cards, cooperatives and other financing institutions in order to establish the Philippines’s comprehensive and reliable credit information.

Once CIC is fully operational, cooperatives will be able to assist their member-borrowers from being over-indebted. This would also ensure that cooperatives extending loans or credits to their member-borrowers get priority to collect unpaid loans from defaulted members.


www.businessmirror.com.ph
July 5 issue

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