Saturday, December 19, 2015


Taloy Norte Farmers Multi-purpose Cooperative has earned the distinction as the first cooperative to submit the credit data of its members to the Credit Information Corporation (CIC), pursuant to the requirements of the Credit Information System Act of 2008 (R.A. 9510).

R.A. 9510, provides that cooperatives are among the "submitting entities" required to regularly submit and update their credit data to CIC. 

 Under CIC Cir. No. 2015-02, medium cooperatives (at least P50 million in assets) are required to comply with the submission of their credit data by December 31, 2016.  On the other hand, large cooperatives (with assets of at least P100-million) are supposed to comply by October 31, 2016.

Jaime Garchitorena, CIC president, presented the citation to Ms. Debbie Palgue, general manager of Taloy Norte Farmers Multipurpose Cooperative, during the CIC Appreciation Event, held last December 18, 2015 at Fort Bonifacio Global City.

Also cited among the first submitters of credit data from the banking sector are Metrobank Card; UnionBank; RCBC Bankard; HSBC Bankard; and EastWest Bank.

During the event, Garchitorena said that ".. microfinance and cooperatives are such an essential part of the financial ecosystem that we should prioritize them and assist them."

Most people said it would take you like moving a mountain to get cooperatives to come up.  So, thank you very much to Taloy Norte Farmers Multipurpose Cooperative for the proof that cooperatives can do it," Garchitorena added.

Okey, this blogger is sufficiently convinced cooperatives can do it, and comply.  My question is:  There were at least three cooperatives which were piloted to comply, one of which is Taloy Farmers Multipurpose Cooperative.  What happened to the other two?  Their story might be worth telling also, if they were not able to comply similarly with Taloy.  So, there.  (END).

(Source data from Coop Natcco FB posts).

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