The Cooperative Development Authority (CDA), under the leadership of Assistant Secretary Myrla B. Paradillo, successfully conducted a two-day Financial Management Training for Transport Cooperatives on June 16–17, 2025, at Hotel Alejandro, Tacloban City.
This training is part of the CDA’s nationwide initiative to build the financial management capacity of transport service cooperatives that have complied with the Public Utility Vehicle Modernization Program (PUVMP). The program calls for the transformation of traditional public transport operations into cooperative-managed, fleet-based systems utilizing modern, environmentally compliant vehicles.
ASec. Paradillo, who personally graced the event, provided insightful remarks on the importance of sound financial management in ensuring the long-term sustainability of transport cooperatives. She underscored the need for internal controls, strategic planning, and financial discipline to ensure loan obligations are met and to support safer, cleaner, and more efficient public transport systems.
The event was hosted by the CDA Region VIII Extension Office, led by Regional Director Dr. Venus Jornales, who delivered the welcome address, expressing appreciation for the presence of the speakers and participants. She emphasized the relevance of the training in strengthening the institutional capacity of cooperatives operating under the modernized public transport framework.
A total of 45 cooperative officers representing 21 transport cooperatives from across Region VIII participated in the activity. These cooperatives are among those that have successfully procured modernized jeepneys or buses under the PUVMP. Their attendance demonstrates a strong commitment to professionalizing operations and ensuring financial viability amid the changing landscape of the transport sector.
The training featured seasoned resource persons from the CDA Central Office: Director Joselito O. Hallazgo, CPA, Chief Doris Teodoro, CPA, and Director Mildred S. Esguerra, CPA. On the first day, Dir. Hallazgo presented key principles on internal control systems, focusing on budgeting, financial literacy, legal compliance, and the strategic role of the board of directors. He stressed the importance of establishing clear financial policies and internal guidelines to protect cooperative assets and maintain transparency.
Chief Teodoro followed with comprehensive sessions on accounting and bookkeeping, which included the correct recording of financial transactions, preparation of interim and annual financial statements, and compliance with mandatory reporting. Her session concluded with a hands-on bookkeeping exercise, which allowed participants to apply the concepts in practical scenarios.
On the second day, Dir. Esguerra discussed the Revised Standard Chart of Accounts, specially designed for cooperatives, and emphasized the importance of correct classification and recording of financial transactions. She also tackled cooperative taxation, noting that tax exemption is not automatic and must be supported by a Certificate of Tax Exemption from the Bureau of Internal Revenue (BIR). She encouraged the proper tracking and segregation of member and non-member transactions. Dir. Esguerra concluded with a session on business expansion and diversification, encouraging transport cooperatives to explore additional revenue streams through investments and side enterprises, backed by sound planning and regulatory compliance. She also announced that the CDA is developing a dedicated accounting system for transport cooperatives, scheduled for pilot testing in the third quarter of 2025.
This training marks a crucial milestone in CDA’s continuing effort to strengthen the financial and operational foundations of PUVMP-compliant transport cooperatives, enabling them to thrive in the evolving public transport system and deliver safer, more efficient, and sustainable services to the riding public.
