In Baguio City, the Cooperative Development Authority (CDA) is intensifying its monitoring and auditing efforts to ensure the thriving and financial health of registered cooperatives. Felicidad Cenon, the CDA director for the Cordillera Administrative Region (CAR), emphasized the importance of cooperatives submitting their activity reports and audited financial statements, alongside participating in mandatory training. This enables the CDA to assess their status and provide necessary support.
Cenon stated that non-compliant cooperatives receive show cause orders, and the CDA offers technical assistance to help struggling cooperatives recover or advance. The ultimate aim is to foster economic prosperity among all cooperatives, benefiting their members. The effectiveness of these measures is evident as 11 cooperatives in the region have reached billionaire status.
The region hosts a diverse range of cooperatives, including 326 micro, 132 small, 101 medium, and 12 large entities. The appeal of cooperativism in Cordillera is strong, with membership numbers rising from 571,000 in 2020 to over 707,000 in 2022, against a regional population of 1.8 million.
In 2023, the total assets of cooperatives in the region soared to PHP46 billion, a significant increase from PHP28 billion in 2019, with a business volume of PHP32 billion. Jona Ponciano, a member of both the Benguet State University Multi-Purpose Cooperative (BSUMPC) and the Abra Diocesan Teachers and Employees Multi-Purpose Cooperative (ADTEMPCO), shared her positive experiences with cooperatives. Despite her modest income, she values the dividends and additional benefits like medical and death coverage, which provide security for her family.
Ponciano also appreciates the flexibility to save and access emergency funds or loans for personal projects. Her confidence in the cooperatives is bolstered by their billionaire status, ensuring her investments are secure.