President Gloria Macapagal-Arroyo signs into law the proposed Philippine Cooperative Code of 2008 in simple ceremonies in Malacañang today.
The new law (Republic Act (RA) No. 9520) amends the 1990 Cooperative Code of the Philippines or RA No. 6938.
The new cooperative legislation gives cooperatives greater opportunities to serve their members, not only in term of financial assistance, but also in undertaking more productive activities geared toward the upliftment of their members.
The new cooperative code outlines in greater detail the requirements in professionalizing the management and operation of cooperatives, while providing a monitoring and evaluation tool for the cooperatives to conduct self-assessments in terms of its managerial, financial, and social objectives.
The end result of the enactment of the Philippine Cooperative Code of 2008 is the utilization of the cooperatives for social justice and sustainable economic development. (PIA-Bohol)
