In a strategic move to bolster the financial health and operational efficiency of cooperatives, the Cooperative Development Authority (CDA) has intensified its monitoring and auditing efforts across the Cordillera region. This initiative aims to ensure that these community-driven organizations thrive and contribute significantly to their members’ economic well-being.
Felicidad Cenon, the CDA’s director for the Cordillera Administrative Region (CAR), emphasized the importance of cooperatives submitting regular activity reports and audited financial statements. These submissions are crucial for assessing the cooperatives’ health and providing necessary support. “We issue show cause orders for non-compliance and offer technical assistance to help struggling cooperatives recover or advance,” Cenon stated, highlighting the CDA’s commitment to fostering economic prosperity among all cooperatives.
The effectiveness of these measures is evident in the region’s cooperative sector, which now boasts 11 billionaire-level cooperatives. The cooperative landscape in Cordillera includes 326 micro, 132 small, 101 medium, and 12 large cooperatives, showcasing a diverse and robust ecosystem.
The appeal of cooperativism in Cordillera is strong, with membership numbers soaring to over 707,000 in 2022, up from 696,000 in 2021 and 571,000 in 2020. This growth reflects the region’s population of 1.8 million, as reported by the Philippine Statistics Authority in the 2020 census.
Financially, the cooperatives in Cordillera have seen their total assets surge to PHP46 billion in 2023, a significant increase from PHP28 billion in 2019. Their business volume also reached PHP32 billion, underscoring the sector’s economic impact.
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 cooperative membership. Despite her modest salary, Ponciano values the dividends and additional benefits like medical and death coverage, which provide her family with financial security. She also appreciates the flexibility to withdraw savings or secure loans for personal projects, reinforcing her confidence in the safety of her investments within these billionaire cooperatives.