AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
THE DEPARTMENT of Finance (DOF) is pushing a bill that will grant regulatory powers to the Cooperative Development Authority (CDA) over credit cooperatives to address problems on delinquency and to boost micro-financing in the country.
A bill that was recently filed in Congress sought the expansion of functions of the CDA to include regulation of credit co-ops.
At present, the CDA merely implements developmental programs for cooperatives, including facilitation of access to credit.
"The mandate of the CDA is vague. Through the bill, we want to give the CDA a clear function of regulating credit cooperatives," said the finance official.
The DOF official said a regulatory agency for co-ops was necessary to address the proliferation of delinquent cooperatives. CDA cannot anymore function merely as a support agency to co-ops.