by: Mary Grace Bañares, CDS II
Sorsogon City – The Cooperative Development Authority (CDA), in collaboration with the Provincial Cooperative Office of Sorsogon, successfully hosted a two-day Special Compliance Caravan and Handholding Activity aimed at assisting non-compliant cooperatives across the province. The event, which participated by over 168 cooperative members, took place on October 3 at the Audio-Visual Hall of Sorsogon State University (SSU) Campus. After the invocation, the program officially commenced with the address from Mr. Ramon Mendizabal, Provincial Cooperative Development Specialist, who expressed gratitude and emphasized the strong partnership between the CDA and the Provincial Cooperative Office. He highlighted the programs offered by the Provincial Cooperative Office and acknowledge how their collaboration has allowed more cooperatives to receive assistance and benefit from various initiatives. Following the welcome address, Atty. Emilio D. Escueta III, the Regional Director of CDA Region 5, delivered an inspirational message, stressing the importance of good governance within cooperatives. He elaborated on how good governance practices strengthen cooperatives, ensuring long-term sustainability and compliance with regulatory requirements. Atty. Escueta encouraged cooperatives to take advantage of the amnesty program and CDA’s support services to achieve compliance and enhance their operations.
The event also featured presentations from key stakeholders from Land Bank of the Philippines, represented by Mr. Harvey Reynancia- Account Assistant, provided an overview of the bank’s services for cooperatives. These include credit facilities, deposit products, and loan programs specifically designed to support cooperatives’ financial needs and help them expand their operations. The Bureau of Internal Revenue (BIR), represented by Ms. Kristine Jimenez-Revenue Officer, discussed the process for securing a Certificate of Tax Exemption and other tax-related services for cooperatives. She emphasized the importance of compliance with tax regulations to avail of the various exemptions and incentives offered to cooperatives.
The Sorsogon Cooperative Union represented by its manager, Atty. Bien Larosa, presented the services and benefits of being a member of the union. He highlighted the value of cooperative membership in terms of shared resources, access to training and development programs, and other advantages that help cooperatives grow and succeed.
Ms. Maricho Pobre, Sr. CDS of the Supervision and Examination Section, delivered an important discussion on the mandatory reports that cooperatives are required to submit annually to secure a Certificate of Compliance. She also explained the necessity for cooperatives to submit the annual tax incentive report to the BIR to avail of tax exemptions and incentives. Her discussion provided cooperatives with valuable guidance on how to comply with these reporting requirements, enabling them to meet their obligations and enhance their operational efficiency. The CDA also provided detailed guidance on the Amnesty Program, a vital initiative aimed at helping non-compliant and dormant cooperatives rectify their lapses and return to good standing. The event also featured 4 invited cooperative external auditors, who offered their expertise in bookkeeping and accounting to cooperatives. These auditors provided professional assistance to ensure cooperatives’ financial records are accurate, up to date, and compliant with the Standard Chart of Accounts. Moreover, cooperatives in attendance were able to avail themselves of technical assistance and other services offered by the CDA, including support in preparing documents for amendments, certifying Articles of Cooperation and By-Laws, and obtaining Certificates of Compliance. Attendees were also guided on how to resolve deficiencies in previously submitted reports to meet CDA compliance requirements. The two-day event proved to be a success, providing essential tools, information, and resources to assist non-compliant cooperatives in their journey toward regulatory compliance. By strengthening the cooperative sector in Sorsogon through this collaborative effort, the CDA and the Provincial Cooperative Office demonstrated their commitment to the continued growth and development of cooperatives in the region.
