As we just recently concluded our National COOP Month, allow me to highlight once again the significance of Cooperatives. In the past, our Philippine Development Plan (PDP) from the National Economic Development Authority (NEDA) hardly mentions “cooperatives” vis-à-vis the country’s socio-economic development —– from 2012 to 2016 we were just a mere footnote; while in 2017 we were mentioned not more than five times.

However, in the recent 450-paged PDP for 2023-2027 “cooperatives” has been acknowledged fifteen times highlighting its role in Philippine Development.

As such, if the Philippine Development Plan, “is a (strategy) for deep economic and social transformation to reinvigorate job creation and accelerate poverty reduction by steering the economy back on a high-growth path. This growth must be inclusive, building an environment that provides equal opportunities to all Filipinos, and equipping them with skills to participate fully in an innovative and globally competitive economy” then the mention of “cooperatives” substantially integrates the role of “coops” in this socio-economic strategy.

Globally, at least 12% of people on earth is a cooperator of any of the 3 million cooperatives on earth. Cooperatives provide jobs or work opportunities to 10% of the employed population, and the three hundred largest cooperatives or mutuals generate 2,146 billion USD in turnover while providing the services and infrastructure society needs to thrive (cf. World Cooperative Monitor). The International Cooperative Alliance (ICA) is one of the largest non-governmental organizations in the world today by the number of people it represents: more than 1 billion cooperative members from any of the 3 million cooperatives worldwide.

As a “socio-economic” capacity building initiative; Cooperatives through their COOP Unions like the Union of Metro Manila Cooperatives (UMMC) here in the National Capital Region would regularly and consistently engage in trainings to assist the cooperative boards and its members in understanding the importance of financial management and cost accounting principles aimed at improving community welfare and income generation vis-à-vis the promotion of environmentally sustainable livelihood activities. The trainings are designed to educate participants about basic financial management skills such as savings and budgeting and planning for the future, which will provide a good basis for a cooperative development initiative supporting green business activities.

It is likewise noteworthy to share, that financial literacy training is likewise now being done hand-in-hand with “Digital Literacy” undertakings which became part of our post-covid socio-economic landscape vis-à-vis the rise of e-wallets such as PAYMAYA and GCASH. But I am proud to share the cooperative’s very own digital wallet — COOP-PAY (by Pouch.ph) that would go side-by-side this digital financial education thrust. With the rise of e-commerce, the digitalization of the cooperative movement was an innovation it had to assume as well.

Speaking of “Digital Literacy”, according to Senator Mark Villar, who chaired a Senate hearing on the proliferation of bank-related fraud, Filipinos have lost at least P155.20 million due to scams in the first eight months of 2023 alone. Around the world, the rise of digital fraud has taken out as much as 2% from global gross domestic product figures. In fact, cybersecurity firm Kaspersky reports that from February to April 2022, the Philippines had the highest cases of financial phishing attempts in Southeast Asia.

Cooperatives are not immune to such digital manipulations; as such they advocate BSP’s Anti-Fraud Tips — THINK, EXAMINE and STUDY Campaign.

THINK – Before providing personal information or giving away money, take a moment to pause and think about the credibility of the person or company you are dealing with, the soundness of the information being provided, and the possible risks of a certain action.

EXAMINE – When in doubt, do not rush into a decision. Scammers usually create a false sense of urgency. Examine the situation first and ask questions. Challenge the person you are talking to about the things and ideas that you are not sure of and are uncomfortable with.

STUDY – Give yourself time to study and get as much information from different sources. Consult other people who are familiar to you or who are experts on the issue at hand. You can also get information from credible agencies like government institutions or reputable private organizations.

Historically, during periods of crises, the values of cooperation, solidarity, and mutualism marks an increase in acceptance. It is also during such times that there is a surge in membership and turnover of cooperatives. The cooperative culture will always thrive. Now that we have ended the state of our national health emergency due to COVID-19, our society and economy will need to be re-energized. In the medium to long term, the measures will need to look at preserving business and decent work. In supporting the reactivation and adaptation of enterprises to the new conditions now that the virus is contained, it will be significant to take into account, specific role that cooperatives can play in working toward a just and more inclusive economy that integrate values of mutuality, economic justice and organizational democracy — all of which the cooperative culture champions and advocates.

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For any personal comments or suggestions, you may call 0917-4805585 or email me at [email protected].