The Cooperative Development Authority-Cordillera Administrative Region Extension Office (CDA-CAREO) compliance to reportorial requirements had increased by 7% from 561 issued Certificate of Compliance (COC) last 2017 to 601 COC in 2018 particularly in the securing of Certificate of Compliance. However, there was a noted 3% decrease in the number of Audited Financial Statements (AFS) submitted from 542 AFS in 2017 to 527 AFS in 2018. Despite the slight decrease in the number of submitted AFS consolidated total assets increased by 3% from P 16.82 billion in 2016 to P20.61 billion in 2017. Number of newly registered cooperatives also increased by 60% from 42 registered in 2017 to 67 newly registered in 2018.
CDA records indicated that Benguet topped the list with 226 issued COC followed by Baguio-139; Kalinga-71; Mountain Province-54; Abra-40; Ifugao 40; and Apayao-40.
In terms of submitted audited financial statements, Benguet had 202 AFS; Baguio-117; Kalinga-61; Mountain Province-47; Ifugao-42; Abra-33; and Apayao-25.
Categorization of cooperatives based on submitted 2017 AFS indicated an increase in the number of large cooperatives from 37 in 2016 to 45 in 2017. The inclusion of two (2) cooperative banks affected the increase together with the graduation of six (6) medium cooperatives to large. Also, about thirteen (13) small cooperatives graduated to medium from 75 in 2016 to 77 in 2017; and about 20 micro cooperatives graduated and reached small category.
Some submitted reports were not included especially in the cooperatives that secured COC due to lacking documents. We then encourage all cooperatives to submit their reports earlier as they need to access the website of CDA and also BIR for the electronic payment filing system required by related laws.
Finally, we thank the different cooperatives and stakeholders for your active involvement in generating revenues for the members at the same time your involvement in financial literacy; conduct of trainings and different activities supportive to cooperatives. The growth of the business enterprises capitalized; owned; operated and patronized by members is a collective action of all involved. We need to sustain these gains for our future. HAPPY NEW YEAR!