𝗘𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝗦𝗮𝗳𝗲 𝗮𝗻𝗱 𝗦𝗼𝘂𝗻𝗱 𝗖𝗦𝗙 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗔𝗳𝗳𝗮𝗶𝗿𝘀,
𝗔𝗻𝗻𝘂𝗮𝗹 𝗜𝗻𝘀𝗽𝗲𝗰𝘁𝗶𝗼𝗻 𝗥𝗲𝘃𝘀 𝗨𝗽

Cebu, Philippines – In pursuance of the constitutional mandate as the agency mandated to promote the viability and growth of cooperatives as instruments of equity, social justice and economic development, the Cooperative Development Authority (CDA) continuously asserts its commitment to the sector.

In line with this policy and objectives, the CDA through its regulatory and development powers shall conduct inspection of Credit Surety Fund (CSF) cooperatives as a mechanism to directly pursue its mission of ensuring safe and sound operation of the said cooperatives.

To enunciate this commitment, the Authority conducted the annual inspection successively of the two of its CSF cooperatives in Region VII – Cebu City CSF Cooperative and Mandaue City CSF Cooperative. Both led by highly competent and experienced Board of Directors, Mr. Francisco “Bimbo” L. Fernandez and Dr. Emedio “Emy” Bustillo, respectively.

Having received valuable contributions from 9 primary cooperatives, 1 non-government organization (Pagtambayayong- A Foundation for Mutual Aid), 1 Government Financial Institution (Landbank of the Philippines), and Cebu City Government amounting to Twenty-Eight Million Five Hundred Ninety-Five Thousand Two Hundred Fifty-Eight (P28,595,258), the Cebu City CSF Cooperative considers the inspection very timely and fitting to increase the trust and confidence of their stakeholders.

On the other hand, the Mandaue City CSF Cooperative articulated that the highlighted best practices during the inspection were very relevant to their accelerated membership expansion programs. At the time of the inspection, the CSF Cooperative had 17 primary cooperatives, 1 Government Financial Institution (Land Bank of the Philippines), and Mandaue City Government.

Senior Cooperative Development Specialist (CDS) Mr. Ian Dave Alindajao of the Inspection and Examination Division (IED) of CSF Service Central Office spearheaded the team of inspectors together with the Region VII CSF team led by Ms. Gina F. Repunte, Senior CDS, Atty. Ronalyn M. Torres and Mr. Mike Jason S. Fortuna. The team revisited the previous inspection report in order to assess the level of compliance and how the CSF through its handholding activities can facilitate its completion and educate the CSF cooperative.

Official records and documents, among others, are comprehensively considered and immersed in the following aspects of the inspection tool: Articles of Cooperation and By-Laws, Governance and Management, Capitalization, Accounting System, Fund Administration, Surety Agreement, MOA and other relevant documents.

Throughout the inspection process, these CSF Cooperatives demonstrated transparency and cooperation by providing all requested documents and facilitating access to concerned personnel. The inspection team conducted thorough assessments of the cooperative’s financial records, governance policies, and member services, ensuring that all aspects align with the prevailing laws and cooperative principles.

The inspection concluded successfully, with no major discrepancies or violations noted. Recommendations for continuous improvement and best practices were highlighted to support the cooperative’s ongoing growth and sustainability.  (RMT)