Tacloban City, July 30-31, 2024 – In a demonstration of its commitment to ensuring the proper governance and operation of cooperatives, the Cooperative Development Authority (CDA) recently conducted an annual inspection of the Tacloban City Credit Surety Fund Cooperative (TCCSFC). The inspection, which took place at the CCDLAO Building, was led by Mr. Ian Dave Alindajao, Senior Cooperative Development Specialist from the CDA Central Office, and supported by the CDA Region 8 Credit Surety Fund Section Staff, under the leadership of Ms. Irene M. Petilla, Senior CDS.
Tacloban City Credit Surety Fund Cooperative, a beneficiary of the City Cooperative Development and Livelihood Assistance Office (CCDLAO), was organized in accordance with Republic Act No. 10744, also known as “The Credit Surety Fund Act of 2015.” This Act facilitates the creation and organization of Credit Surety Fund Cooperatives, which are designed to enhance the accessibility of Micro, Small, and Medium Enterprises (MSMEs), cooperatives, and non-governmental organizations (NGOs) to credit facilities provided by banks.
The cooperative currently boasts a robust membership base consisting of 19 stakeholders, including:
- 15 primary cooperative members
- Two government financial institutions: the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP)
- The Philippine Guarantee Corporation (PGC)
- The Local Government Unit (LGU) of Tacloban, represented by City Cooperatives Officer, Ms. Ruena M. Mate
During the two-day inspection, the CDA team meticulously reviewed the cooperative’s financial records, governance practices, and compliance with the regulations set forth by RA 10744. The purpose of this annual review is to ensure that the cooperative is effectively managing the Credit Surety Fund and adhering to the principles of transparency, accountability, and good governance.
Mr. Alindajao emphasized the importance of these inspections, stating, “Regular assessments such as this are crucial in maintaining the integrity and trustworthiness of our cooperatives. By ensuring that they operate within the framework of the law, we can support their growth and contribution to the local economy.” Ms. Petilla added, “The Tacloban City Credit Surety Fund Cooperative serves as a vital link in providing financial support to MSMEs and cooperatives. Our goal is to empower them to achieve their financial objectives and drive economic development in the region.” The cooperative’s members expressed their appreciation for the CDA’s guidance and oversight. They recognized the significance of the inspection in helping them maintain high standards of operation and in fostering a culture of continuous improvement.
As the inspection concluded, the CDA team commended the TCCSFC for its adherence to the regulatory requirements and encouraged them to continue their efforts in supporting the local community. The cooperative’s proactive approach to governance and compliance serves as a model for other cooperatives in the region. The CDA remains steadfast in its mission to promote the growth and sustainability of cooperatives across the Philippines. Through regular inspections and continuous support, the Authority aims to strengthen the cooperative sector, ensuring that it remains a pivotal force in the nation’s socio-economic development.
