Senator Imee Marcos on Wednesday said the Cooperatives Development Act should be amended to further strengthen the multi-billion-peso cooperatives across the country.

In a press conference on the sidelines of the 19th Southern Tagalog Cooperative Congress Trade Fair at the Ynares Event Center in Antipolo City, Marcos proposed increasing the tax exemption for cooperatives from P10 million to P100 million.

The senator also suggested allowing foreign cooperatives to engage with Philippine cooperatives to foster a more dynamic cooperatives sector.

Marcos emphasized the need for regional cooperatives not only in the Philippines but also abroad. She noted that cooperatives in the Rizal provinces were among the multi-billion-peso cooperatives in the country today.

She said that her brother, President Ferdinand “Bongbong” Marcos Jr., was very supportive of the proposed amendments to the Cooperatives Development Act.

Earlier, Marcos filed her certificate of candidacy for reelection in next year’s elections.

As chairperson of the Senate Committee on Cooperatives, she stressed that it was time to enhance the Cooperatives Development Act with these amendments.

With the theme “Kooperatibang Matatag at Malakas, Pundasyon sa Bagong Pilipinas,” the Cooperative Congress celebrates “Cooperative Month” every October.

The congress was typically held in March before the Covid pandemic which caused disruptions until December 2022.