NEWS
SBG-penned co-op bill secures Senate okay
Under the proposed law, the registration of cooperatives would be streamlined through reduced processing times and capital requirements.
The Senate approved Senate Bill 1431, or the proposed “Revised Cooperative Code of the Philippines,” on third and final reading on Monday, 28 September, by a 19-0-0 vote.
Senator Christopher “Bong” Go is a co-author and co-sponsor of the measure, which seeks to amend the Cooperative Code of the Philippines enacted in 2008 and make the regulatory framework more responsive to the evolving needs of the cooperative sector.
Under the proposed law, the registration of cooperatives would be streamlined through reduced processing times and capital requirements, particularly for agricultural cooperatives.
The measure seeks to make it easier for groups to establish cooperatives and expand their capacity to provide livelihood and economic opportunities to their members.
The bill also seeks to broaden cooperatives’ capital base by allowing foreign investments, subject to safeguards on Filipino control and management. This would give cooperatives more opportunities to access capital while maintaining Filipino participation in their governance.
Wellspring of opportunities
Go highlighted cooperatives’ role in creating economic opportunities for Filipinos, particularly in local communities and the agricultural sector.
“Our cooperatives play a major role in providing additional opportunities for our fellow Filipinos. That is why we should continue strengthening their capacity and making the laws supporting them more responsive,” Go said.
Go said stronger cooperatives could promote inclusive economic growth by giving members opportunities to improve their livelihoods and contribute to community development.