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Atty. Emilio D. Escueta III, Regional Director of CDA Region V, opened the session with an inspiring message on the importance of compliance and ethical financial management in cooperatives. He emphasized that adhering to legal and financial standards is not just a requirement but a responsibility that ensures sustainability and integrity. Highlighting the role of cooperatives in financial inclusion, he stressed their impact on empowering marginalized communities. He urged participants to uphold transparency, accountability, and sound governance, key pillars of a successful cooperative.
Quoting his powerful statement, “The law always favors the weak, the law always protects the weak… It governs not only cooperatives but also you, individually, as a consumer,” Atty. Escueta III reinforced those cooperative laws exist to protect and empower the vulnerable.
His message was a call to action for cooperative leaders and members to embrace ethical practices, foster financial discipline, and stay true to their mission of uplifting communities.
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Deputy Administrator Elizabeth Batonan of the Cooperative Development Authority (CDA) – Credit Surety Fund Service took the stage to provide a comprehensive discussion on Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act. She highlighted key provisions aimed at safeguarding consumer rights, promoting responsible financial practices, and ensuring transparency in financial transactions.
Her presentation covered the law’s core objectives, including fair treatment of financial consumers, protection against abusive practices, and mechanisms for redress in cases of fraud or misconduct. She also outlined the roles of regulatory agencies, particularly the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), and the CDA, in enforcing compliance among financial institutions and cooperatives.
DA Batonan emphasized how R.A. 11765 impacts cooperatives, particularly in requiring them to adopt clear disclosure policies, ethical lending practices, and consumer grievance mechanisms to protect members and borrowers. She stressed the importance of financial education and consumer awareness, urging cooperatives to align their operations with the law’s consumer protection measures to maintain trust and credibility in the financial sector.
Following the orientation, Ms. Joan C. Gamboa, Chief of Inspection and Examination Division led an interactive workshop session, engaging participants in practical exercises that helped them understand the application of the law in real-world cooperative operations. Through hands-on activities, case studies, and group discussions, attendees gained insights into best practices for compliance, dispute resolution mechanisms, and strategies for enhancing consumer trust within their cooperatives.
The event marked a significant step in empowering cooperatives to navigate the evolving financial landscape, ensuring that they not only comply with legal mandates but also uphold the principles of consumer protection and financial integrity.
The enthusiasm and active participation of attendees reflected a shared commitment to fostering a more transparent, ethical, and consumer-friendly cooperative sector. With this successful orientation and workshop, the Cooperative Development Authority continues to reinforce its mission of strengthening cooperatives as pillars of economic growth, equipping them with the knowledge and tools to thrive in an increasingly complex financial environment.
