Sunday, November 30, 2014
CDA BELIES CLAIM THAT CO-OPS ARE "UNREGULATED"
The Cooperative Development Authority (CDA) Administrator Eulogio T. Castillo (concurrent OIC-Chairman) said the country's cooperatives sector are regulated and are slapped with stringent requirements to ensure consumer protection.
Reacting to a report by the Economist Intelligence Unit (EIU) that the non-regulated cooperatives are prone to unsafe financial operations, Castillo said these conclusions are baseless and unfounded.
"(The) CDA actively engages in continuing inter-agency collaboration with other regulatory partners/agencies...CDA has never wavered in its commitment to regulate, supervise and develop cooperatives," said Castillo.
PHILIPPINES RANKED TOP 3
IN FINANCIAL INCLUSION.
In the same EIU report, the Philippines ranked among top three countries of 55 reviewed with the most effective financial inclusion programs. The CDA is the sole regulating and regulatory agency for cooperatives.
By LCC, Manila Bulletin, December 1, 2014, p.B-1. (END).