The 2-Day Financial Management Training for Transport Cooperatives in the Bicol Region kicked this March 20, 2025, at Vela Hotel in Legazpi City, Albay.

Effective financial management is crucial for the long-term sustainability and growth of any cooperative, particularly in the transport sector, where costs can be significant, and revenues may fluctuate. Proper financial management can enhance decision-making, improve budgeting and cash flow management, ensure long-term viability, and strengthen financial reporting and monitoring.

Attending the event were Cooperative Development Authority Assistant Secretary Myrla B. Paradillo, Head of the Public Utilities Cluster, along with her Executive Assistant, Mr. Benjie Magdayo; Deputy Administrator Atty. Ma. Lourdes P. Pacao, of the Registration, Supervision, and Examination Service; Director Joselito O. Hallazgo, of the Credit Surety Fund Service; Director Mildred S. Esguerra, of the Registration, Supervision, and Examination Service; Chief Doris D. Teodoro, of the Supervision and Examination Division; and the CDA R5 Team, headed by Regional Director Atty. Emilio D. Escueta III, Assistant Regional Director Engr. Zaldy G. Bermejo, Ms. Regin Aycocho, CDS II (Province of Albay), Mr. Jon Andrei Emmanuel Banday CDS II and Protocol Officer, Ms. Frances Faye Brojela, CDS II, and Admin Personnel Mr. Julius Quimco and Mr. Roberto Buena.

This training aims to equip participants from transport cooperatives with a thorough understanding of the key concepts of financial management specific to transport cooperatives. It will also cover the essential elements of their accounting systems and provide the skills necessary to interpret and analyze financial statements.

During his Welcome Message, Atty. Emilio D. Escueta III emphasized, “Transport cooperatives are vital engines for our local economies, providing essential services and livelihoods. They are more than just vehicles on the road; they are the backbone of our communities. However, their full potential can only be realized through sound financial management. Together, let us empower our transport cooperatives with the financial knowledge and skills they need to thrive. By investing in financial literacy, we are investing in the future of our communities, our economy, and our nation. Let’s build a future where our transport cooperatives are not just vehicles of transportation but also vehicles of financial prosperity.”

In her Inspirational Message, ASec Myrla B. Paradillo remarked, “This Financial Management Training is a critical program for transport cooperatives, especially here in the Bicol Region. I have observed that many transport cooperatives face challenges in managing their finances, and the authority recognizes the importance of this training. The CDA is actively exploring ways to support our cooperatives, particularly in the transport sector.”

For the Morning session, Dir. Joselito O. Hallazago, Director of the Credit Surety Fund Service, discussed key topics such as the basic concepts of financial management, sources and uses of funds, financial policies including investment policies, and the role of directors and key officers in financial management.”

As for the Afternoon session, Chief Doris D. Teodoro, of the Supervision and Examination Division discussed the Elements of the Cooperative Accounting System, Accounting System for Transport Cooperatives, Basic Bookkeeping and Basics of Budgeting and Internal Control.

Mabuhay ang Cooperative Development Authority at Mabuhay and mga Transport Cooperatives sa Bicol Region!