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Cooperative Leaders Oriented on Financial Consumer Protection Act in Candon City, Ilocos Sur

Posted on June 11, 2025

CANDON CITY, ILOCOS SUR – A total of 82 cooperative leaders representing 32 cooperatives from Candon City, Ilocos Sur and nearby municipality participated in the Orientation on the Financial Consumer Protection Act (RA 11765) and Workshop on the Preparation of Gap Analysis and Board-Approved Action Plan held recently in the city.

 

 

The orientation and workshop were spearheaded by the Credit Surety Fund Section of the Cooperative Development Authority (CDA) Region I, in partnership with the Local Government Unit of Candon City through the City Cooperative Development Office headed by Ms. Grace L. Ramos, the City Cooperative Development Officer. This joint initiative underscores the shared commitment to strengthening cooperative governance and consumer protection.

 

The activity was conducted in response to the implementation of Republic Act No. 11765, also known as the Financial Products and Services Consumer Protection Act. Reinforced by CDA Memorandum Circulars 2023-14 and 2024-22, the law mandates financial cooperatives to establish institutional mechanisms that uphold the rights and welfare of financial consumers.

 

 

The orientation aimed to equip cooperative leaders, particularly Members of the Board of Directors and Management, with a clear understanding of the law’s key provisions, its operational implications, and the importance of compliance. The workshop component allowed participants to assess their current practices through a structured Gap Analysis and to draft a Board-approved Action Plan to address identified gaps for improvement.

 

 

By the end of the activity, all 32 participating cooperatives had completed their Summary Report of Gap Analysis and prepared initial versions of their respective Action Plans. These outputs are expected to serve as concrete steps toward improved compliance, accountability, and consumer confidence.

 

 

This collaborative effort marks a significant move toward enhancing transparency, institutional integrity, and the protection of cooperative members as financial consumers across the region.