Republic Act (R.A.) No. 11469, otherwise known as the “Bayanihan to Heal as One Act”, declared the existence of a national emergency arising from the Coronavirus disease 2019 (COVID-19) situation and a national policy in connection therewith. Section 4(n) of the said Act empowered the President, as a temporary emergency measure, to ensure the availability of credit to the productive sectors of the economy especially in the countryside through measures such as, but not limited to, lowering the effective lending rates of interest and reserve requirements of lending institutions.
Thus, in compliance with the above-cited law, the following cooperatives are expected to cater to the urgent needs of their respective members in this time of crisis:
