Cooperatives contribute P1.3B to COVID-19 assistance programs

COOPERATIVES NATIONWIDE have contributed a total of P1.3 billion for assistance programs relating to the coronavirus pandemic, benefitting both their members and non-members. Cooperative Development Authority (CDA) Chairman Orlando R. Ravanera, in a briefing on Tuesday, reported that the country’s 18,481 cooperatives contributed to food aid, personal protective equipment, and free transportation and accommodations to frontliners, among others. The P1.3 billion were sourced from the Community Development Fund (CDF), which cooperatives are required to set aside from their net surplus. Under Republic Act No. 9520, the Philippine Cooperative Code of 2008, cooperatives must allocate at least 3% of surplus to the fund intended for activities that will benefit the cooperative’s community. — Gillian M. Cortez