In the economic front, the new law recognizes the role of cooperatives in the recovery process.
It may be academic or trivial, but the law actually mentions the word “cooperative” seventeen times.
This is a result of vigilant and incessant lobbying in Congress and the Senate by COOP-NATCCO Partylist Representative Sabiniano Canama and Senator Miguel Zubiri. Co-op sector leaders see this as a tacit recognition that co-operatives play a major role in the recovery economy – which is currently taking a beating.
Rep. Canama, however, is quick to point out that co-ops must not only be recipients of help, but givers of help as well. “We want to make it clear to Government that co-ops are partners in nation-building. Co-ops only need assistance so they can help the economy,” he said at an online meeting with co-op leaders on September 17.
Bayanihan 2 provides cash assistance to low-income households, overseas Filipinos (who have had to come back home), and workers displaced by the pandemic – particularly those in the transport and tourism sector.
Co-op leaders are eyeing how co-ops can be conduits of this cash assistance.
Through the Small Business Corporation, Land Bank and the Development Bank of the Philippines, Government will provide low-interest loans and even cash assistance to small and medium enterprises and cooperatives.
Leaders are also proposing that cooperatives could also be conduits of the Government’s loan funds and re-lend it to members who operate small businesses.
Perhaps the provision that will have the largest impact on cooperatives is the order for financial institutions to grant a grace period of 60 days for loan payments.
Section 3 uu directs all . . . financial institutions, public and private, including the GSIS, the SSS, Pagibig . . . to implement a one-time 60-day grace period to be granted for the payment of all existing, current and outstanding loans falling due, or any part thereof, on or before December 31, including salary, personal, housing, commercial and amortizations, , without incurring interest on interests, penalties, fees, or other charges thereby extending the maturity of the said loans; Provided that all loans may be settled on staggered basis without interest on interests, penalties and other charges until December 31 or as may be agreed upon by the parties. Provided further that nothing shall stop the parties from mutually agreeing for a grace period longer than sixty days.”
QUEZON CITY – Delegates from the All China Federation of Supply and Marketing Cooperatives (ACFSMC) visited the NATCCO Network headquarters on September 18 to exchange information, learn about the Philippine cooperative sector, and explore business linkages.Read More
AKLAN – She served the National and Local Government as a dedicated, hardworking Municipal Agriculturist Extension Worker of the Municipality of Lezo for 42 years, before she retired in 2010. And Emelinda Revestir-de la Cruz has proven herself to be a humble, honest and with high integrity in championing services both in government and private capacity to serve the marginal sector – farmers/fisherfolks through cooperativism.Read More
Credit Information Corporation CEO Jaime P. Garchitorena lauded the release of the Cooperative Development Authority’s Memorandum Circular 2019-01, as: “a significant step in achieving many of the inclusive lending targets of the National Government.”Read More
WISCONSIN, USA — Worldwide Foundation for Credit Unions, the social impact affiliate of the World Council of Credit Unions (WOCCU) dedicated to financial inclusion, has launched a project to design interoperable, open-loop, low-cost, real-time payment platforms for its global network of credit unions across Asia, exploring the use of the Mojaloop open-source platform.Read More