Sunday, September 28, 2014
COOP-NATCCO PARTY TO PROBE QUEDANCOR CO-OPS
COOP-NATCCO Partylist Reps. Cresente C. Paez and Anthony M. Bravo have asked the Committee on Cooperative Development of the House of Representative to conduct an inquiry on the financial status of agri-fishery multipurpose cooperatives initiated by, and which received loans from the now moribund Quedan & Rural Credit Guarantee Corporation (QUEDANCOR).
More specifically, the proposed inquiry in aid of legislation, will be on SRT Tandag Agri-Fishery Multipurpose Cooperative, and on the intervention and rehabilitation efforts undertaken by QUEDANCOR.
In a report by SRT Tandag, it said that the SRT (Self-Reliant Team) Municipal Cooperatives were caused to be formed by QUEDANCOR "..to promote people empowerment and advocate enterprise development among its Self-Reliant Teams through business integration and organizational development..."
According to House Resolution No. 1491, after SRT Tandag Agri-Fishery Multipurpose Cooperative was formed and registered with the Cooperative Development Authority, a management contract was entered into with QUEDANCOR.
This, reportedly paved the way for the grant of loan accommodations which from 2005 to 2006 amounted to P8,403,300.
After two years of operation, the programs and projects showed declines and the loan delinquency reached 80% among the cooperative members, according to a report.
The total outstanding balance ballooned to P35,939,388.55 by 2014. However, the cooperative, reportedly, has a total asset of only P14,266,542.21 according to the audited financial report of 2013. (END).