Tuesday, November 17, 2015

CV CO-OPS: DEFER CISA COMPLIANCE




This was the first time that I encountered such a formal reaction from the cooperatives on the subject.  That is, to request for deferment of their compliance with the the Credit Information System Act of 2008 (CISA).


Under CISA, cooperatives shall submit to the Credit Information Corporation (CIC) the credit data of cooperatives' member-borrowers and send monthly updates thereof.


As "submitting entities" under CISA, medium cooperatives are required to start their compliance starting December 31, 2016.  Medium cooperatives, per definition of the Cooperative Development Authority (CDA), are those with at least P50-million assets.


On the other hand, large cooperatives, or those with P100-million assets and over, are mandated to comply starting October 30, 2016.  These deadlines are set forth under CIC Circular No. 2015-02, series of 2015. View the circular at creditinfo.gov.ph/sites/default/files/CircularNo.2.ph 


According to the report, "..the Regional Cooperative Development Council in Region  7 (RCDC7, the Provincial Cooperative Development Council of Negros Oriental, and the City Cooperative Development Council of Dumaguete City jointly passed the three (3) resolutions...".


And these "..were unanimously approved by more than 600 delegates representing co-op unions, federations and primaries of Cebu, Negros Oriental, Bohol, and Siquijor provinces...".


The other resolutions 1. call for strong objection to the repeal of Art. 60 & 61 of R.A. 9520, as contemplated by House Bill No. 2765, and by Senate Bill No. 2048; and 2. seek to lobby for the national government to increase the budget appropriations of the Cooperative Development Authority  from P349-million in CY 2015, to P1-billion in 2016.   


The report mentioned above may be viewed at r7.cda.gov.ph/index.ph/resources/updates/news/152-2nd-cvcc-adopts-3-resolutions  

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