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From Credit Unions, For Credit Unions

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Webinar: Philippine Credit Union Regulator Shares COVID-19 Response

Content for this post was provided by the Association of Asian Confederation of Credit Unions (ACCU), a World Council associate member. 

The Cooperative Development Authority (CDA), the Philippines' regulator for cooperatives, encouraged credit unions to help their members and communities by using its Community Development Fund during a recent webinar hosted by the ACCU, World Council, the Philippine Federation of Credit Cooperatives (PFCCO) and National Confederation of Cooperatives (NATCCO).

Each cooperative is required to pay at least three percent of its net surplus into the national Community Development Fund development fund, which can then be utilized for projects or activities that will benefit the community where the cooperative operates.

CDA also issued a memorandum circular allowing cooperatives to postpone their Annual General Assemblies until such time that the virus is contained. The webinar also allowed the CDA to further communicate to credit unions the measures taken by the government under the Enhanced Community Quarantine, which has been in place since March 14. 

World Council Senior Vice President of Advocacy Andrew Price gave a presentation to help CDA representatives attending the webinar identify the types of guidelines credit unions would require during the pandemic. 

ACCU CEO Elenita San Roque moderated the webinar. You can view the webinar in its entirety by clicking here.