Bong Go votes for Revised Cooperative Code
MANILA, Philippines — Sen. Bong Go voted in favor of the passage of Senate Bill 1431, or the proposed Revised Cooperative Code of the Philippines, which was approved by the Senate on third and final reading on Sept. 28.
The measure seeks to amend the 2008 Cooperative Code of the Philippines and make its regulatory framework more responsive to the evolving needs of the cooperative sector.
Under the proposed law, the registration of cooperatives would be streamlined through reduced processing times and capital requirements, particularly for agricultural cooperatives.
Go, co-author and co-sponsor of the measure, said this would make it easier for groups to establish cooperatives and expand their capacity to provide livelihood and economic opportunities to members.
The bill also seeks to broaden the capital base of cooperatives by allowing foreign investments, subject to safeguards on Filipino control and management.
According to Go, strengthening cooperatives could help promote inclusive economic growth by providing members with opportunities to improve their livelihoods and contribute to the development of their communities.
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