CAGAYAN DE ORO CITY (PIA)--Cooperative Development Authority (CDA)-10 urges groups to form cooperatives as they remain relevant and resilient despite the pandemic.
In Talakayan sa PIA, media forum, Mary Grace D. Vapor, OIC of CDA-10 Cooperative Research Information and Training Section shared that the cooperative goes way back and until now the organization still sustains.
“We are happy that in October we are celebrating this cooperative development month,” she said.
Even if there were changes in technology, during the pandemic, face-to-face was gone, Vapor said, but cooperatives adapted to the changes.
Training and services were conducted online. Meanwhile, credit coops executed their own ATMs and even online banking.
Initial registration for a cooperative is a maximum of 50 years. But, Vapor said, there are coops in Cagayan de Oro City that are more than 50 years old.
The first cooperative established in the city was Ateneo credit union with founder Fr. William Masterson which eventually became FICCO, First Community Credit Cooperative.
"FICCO is already 69 years, MASSPEC 56 years, and CLIMBS 51 years,” she said.
Coops address financial help, societal concerns and the environment. Thus, a cooperative is very important for nation-building and economic development, she cited.
The difference between coops from corporations or any other groups is the patronage refund.
“So kana gyud ang usa ka kalahi-an sa cooperatiba nga naay patronage refund and mabalik ang interest of capital and other than that, naa pud concern for community, principles nato ng makatabang ta sa environment, and help ta sa community where they are located,” she said.
(So that is really the difference of cooperative because of the patronage refund and interest of capital will be given back, they also have concern for the community with principles to help the environment and help the community where they are located)
As of December 2021, there are about 1,254 cooperatives all over region 10.
Meanwhile, in Cagayan de Oro there are over 175 coops. (JMOR/PIA10)
