Quezon City, Philippines – On the day before the official opening of National Cooperative Month, the Cooperative Development Authority (CDA), through its Registration Division, successfully conducted the sixth segment of the Electronic Cooperative Clinique Program (E-CoopCliP). This initiative, designed as a citizen-focused platform, continues to provide real-time technical assistance to cooperatives and the public, ensuring greater accessibility to public service and enhancing the capacity of cooperatives to respond to emerging challenges.
The session was formally opened by CDA Deputy Administrator for RSES, Atty. Ma. Lourdes Pacao, who welcomed the participants and highlighted the objectives of the program. She also expressed her appreciation to the Bangko Sentral ng Pilipinas (BSP) for serving as a resource institution in this timely discussion, particularly as scams and cybercrimes continue to threaten cooperative accounts and financial systems.
In his message, CDA Chairperson Usec. Alexander Raquepo expressed his appreciation for the strong turnout of almost 500 cooperatives and individual participants. He emphasized the relevance of the topic, noting that in the age of digital transactions, fraudulent activities such as account misuse and money muling, pose serious risks to the cooperative sector. He further stressed that activities such as E-CoopCliP strengthen the sector’s ability to safeguard resources and protect members from exploitation.
Also in attendance was CDA Assistant Secretary Luz Yringco, Head of the Financial Cooperatives Cluster, who highlighted the broader significance of the activity. She explained that the cooperative sector and regulators alike carry a constitutional mandate to promote cooperatives as instruments of equity, social justice, and economic development. However, she cautioned that such aspirations cannot be realized if cooperatives are left vulnerable to scams and fraudulent schemes.
The discussion was delivered by Atty. Alain Bert G. Regis, Acting Director of the BSP’s Consumer Account Protection Office (CAPO). He provided an in-depth presentation on Republic Act No. 12010, or the Anti-Financial Account Scams Act (AFASA), signed into law in July 2024. This legislation was enacted to address the rising incidence of scams, cybercrimes, and fraudulent activities, and to strengthen consumer protection within the financial system.
Atty. Regis emphasized that the law is particularly relevant to cooperatives, regardless of whether or not they are directly engaged in financing activities. He explained that cooperative accounts remain susceptible to being misused for illicit transactions, and when such situations occur, they can result in financial loss, reputational damage, and the erosion of member trust. He highlighted that compliance with AFASA not only equips cooperatives with stronger safeguards but also reinforces their commitment to protecting the welfare of their members.
The program concluded with closing remarks from RSES Director Mildred Esguerra, who expressed gratitude to the participants and to the BSP for sharing valuable knowledge. She emphasized that the session has opened the minds of cooperatives to the importance of vigilance and accountability, reminding them that the protection of accounts is fundamental to protecting the interests of their members.
As Cooperative Month begins, the CDA, through E-CoopCliP, reaffirms its role in empowering cooperatives to adapt to the demands of the digital age. By promoting awareness on financial safety and consumer protection, the Authority continues to uphold its commitment to building a cooperative sector that is secure, resilient, and steadfast in its mission to serve communities.
