TABUK CITY, Kalinga – In a two-day training on financial, credit and risk management organized by the City Cooperatives and Enterprise Development Office (CCEDO) held at the conference hall of the Tabuk Farmers Multipurpose Cooperative (TAFAMULCO) on December 17-18, micro and small cooperatives were reminded to always keep track of their financial record to monitor financial losses.
The CCEDO says that being aware of financial status also allows cooperatives to engage in effective budgeting processes, to save, reallocate funds, or spend what is needed.
Engr. Ryan Jose, program development officer of CCEDO explains that this training helps the small and micro cooperatives.
Optimize fund utilization, ensure safety and security of investment, and establish an appropriate credit risk management environment by maintaining an appropriate credit administration, measure and monitoring process.
Accountant Peter Jude Soriano, serving as the resource speaker for this training, shared that financial management is important as it guides businesses on financial decisions that affect financial stability both now and in the future.
He discussed the basic concepts on financial management, credit management and risk management, which is imperative in equipping the participants with the skills and knowledge to apply financial management tools and techniques in business towards decision making, to avoid possible bankruptcy.
The cooperative is a unique association since it involves people pooling their resources and being co-owners of the enterprise. Given the proper management of a cooperative, it can become successful and beneficial to the owner-members and the community. By Darwin S. Serion
