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Cooperative in the Philippines

In: Business and Management

Submitted By Jetazz
Words 280
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Credit cooperatives play a very vital role in the socio-economic life of Filipinos. They act as an important driver in the development of the country’s economic and social conditions. Cooperatives are more urgently needed in society among social groups with less income and resources than by those with sufficient resources. Thus, cooperatives have proved to be effective instruments for the advancement of the working classes and the less fortunate segments of the society.

Financial cooperatives such as credit cooperatives help to alleviate poverty in the Philippines. By making reserve funds, these cooperatives help to lessen members’ burden in search for immediate cash assistance such as medical emergencies or unforeseen expenditures. They promote savings, thriftiness and future investments and expense like education plan. Financial cooperatives also provide the necessary funding to their members such as micro-financing loans to small and medium enterprises that later on will generate additional jobs and profits, and grant loans that will help farmers increase agricultural production.

A credit cooperative also promotes significant involvement to the growth of its members and community whereas Filipinos had appreciated that the real essence of fulfillment can only be achieved by promoting common good of others, particularly to the less fortunate members of the cooperative. These people have also realized the meaning of collective effort and cooperation to uphold general level of awareness and concern rather than the personal level.

Credit cooperatives partake considerably in guaranteeing accessibility of affordable monetary services. Credit cooperatives commonly promote investments, loans and other financial programs to communities that conversely do not have direct access because of their location, cultural or economic constraints. Credit cooperatives are...

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