PGMA inks cooperative code amendments into law

PGMA inks cooperative code amendments into law
(originally posted @ http://www.gov.ph/news/?i=23620)

PGMA inks cooperative code amendments into law
TUESDAY, FEBRUARY 17, 2009 | LIVELIHOOD
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President Gloria Macapagal-Arroyo signed into law today the Philippine Cooperative Code of 2008, bringing to a successful end the campaign of cooperatives for a strengthened and more comprehensive law on the promotion and development of the country’s cooperatives

The signing ceremony was held at the Rizal Hall of Malacañang before lawmakers and representatives of the various cooperatives in the country.

President Arroyo signed the new Code, now know as Republic Act (RA) 9520, in the presence of its principal sponsors: Sen. Juan Miguel F. Zubiri, chairman of the chamber’s committee on cooperatives in the Senate, and his House counterpart, Cong. Ernesto C. Pablo.

The new law amends the 1990 Cooperative Code of the Philippines, otherwise known as RA No. 6938.

The new law gives cooperatives greater opportunities to serve their members, not only in terms of financial assistance, but also in undertaking more productive activities geared toward uplifting the lives of their members.

RA 9520 outlines in greater detail the requirements in professionalizing the management and operation of cooperatives, and provides for a monitoring and evaluation tool for the cooperatives to conduct self-assessments of its managerial, financial, and social objectives.

Under the new law, cooperatives are expected to play important roles in the country’s social justice and sustainable economic development programs.