CDA: Coops are Booming in Region 7

A top ranking officer of the Cooperative Development Authority (CDA)7 on Wednesday revealed that the cooperative industry in Central Visayas is booming, definitely aiding more people economically.

CDA is a government agency which supervises the operations of legally operating cooperatives in the country. CDA7 Supervisory Examination Unit Chief Tex Vicoy during the Kapihan sa PIA, a Philippine Information Agency (PIA) program with DYMR radio, held at the PIA office, yesterday said a billionaire based in Cebu City has able to help a lot to all of its members.

According to Vicoy, the Cebu CFI Cooperative is one the successful coop organizations in region 7, a lone multi- billionaire coop among the multi-millionaire ones.

She said the Cebu CFI Cooperative is now operating and supervising its 10 branches nationwide serving not only in the Visayas and Mindanao but even in Metro Manila.

Vicoy said the Cebu CFI Cooperative started in a simple and humble beginning just like the various coop organizations which are existing now. It is engaging on savings and lending services just like others, and the gradual increase of its capitalization and members, has made this economic group to strengthen its structure to all borrowing needs of its members, Vicoy stressed.

Vicoy pointed out that in region 7 alone, a total of 1,675 from 1,628 in 2013 cooperatives are operating now with 836 in Cebu, 618 in Bohol, 160 in Negros Oriental and 61 in Siquijor.

“Apparently the number of registered cooperatives in the region is increasing this year with 47 in numbers despite of the economic hardships hitting the country in general”, Vicoy said.

Vicoy also stressed that a total of 674,405 individuals, who are member-beneficiaries of these successful cooperatives are considered as the industry players.

However, Vicoy explained that among the total of 1,078 cooperatives in the region, 590 of these are considered as non- perational now. One of the reasons why there are non functional now, “because of the co-called mismanagement”, Vicoy said.

Loan payment collection is a part of good management, wherein if a cooperative lacks good collector, everything could be outrightly blamed to a lousy manager, Vicoy said.

Vicoy said the laudable performance of the majority of cooperatives based in Central Visayas led them to enjoy the October month celebration of cooperatives nationwide, with a theme: Kooperatibang Maasahan sa Pagsulong ng Kabuhayan at kapayapaan ng Bansa.”

“We can attest the truth that successful cooperatives and successful management are beneficial to all its members,” Vicoy added.