Senator Imee Marcos on Thursday said foreign cooperatives from Singapore, New Zealand, and Israel are thrilled to enter the country and join Filipinos.
Marcos made the remark in his speech during the 2022 Metro Manila Cooperative Congress attended by 150 cooperatives throughout the National Capital Region (NCR) held at Pasig City.
She said these foreign cooperatives are expected to bring technology and additional capital investment for larger cooperatives in the country which will only be possible if her filed Senate Bill (SB) No. 418 seeking to amend Republic Act (RA) 6938 or the Cooperative Code of the Philippines will be passed into law.
“Hindi naman na papapasukin ang ating mga dayuhan kahit sa mga maliliit at primary kundi sa pederasyon. Pederasyon na mas malalaki, na secondary, at pati na rin yung (It is not about letting foreigners enter even in the small and primary (cooperatives) but in a federation. Federation that is bigger, that is secondary, and even in) tertiary national cooperatives,” Marcos clarified.
SB 418 seeks to facilitate foreign investments in the cooperative sector by relaxing the citizenship requirement for cooperative members.
Foreigners will also be allowed to invest up to 40 percent of the membership shares in the cooperatives with the condition that a majority of the members of the cooperatives shall be Filipino natural-born citizens.
Marcos, chair of the Senate Committee on Cooperatives, said she believes that the measure will bring a brighter future for Philippine cooperatives.
“Sigurado ako na kahit minsan hindi maganda ang pamamalakad maging sa kooperatiba, sa sektor mapribado, sa pamahalaan eh magagawan pa din natin ng paraan yan kung tayong lahat ay kapit kamay at nagkakaisa (I’m sure that even sometimes the management is not good in the cooperatives, in the private sector, in the government, we can still find a way if we join hands and unite),” she said.
Marcos said she is set to meet the officials from the Cooperative Development Authority (CDA) on Thursday afternoon to preside over its budget deliberation
Source: Philippines News Agency
