Savings, credit coops join USAID program

DAVAO CITY – Savings and credit cooperatives in Mindanao are demonstrating that they are not only economically viable, but are also effective catalysts in improving the quality of life of their membership.

During the recently held sixth Finance Organizations Achieving Certified Credit Union Standards (FOCCUS) branding awards organized by the United States Agency for International Development (USAID)-funded Credit Union Empowerment and Strengthening (CUES) program, three savings and credit cooperatives across the island-region joined the exclusive roster of FOCCUS brand awardees, considered one of the most coveted awards in the worldwide credit union movement.

The World Council of Credit Unions (WOCCU) and the CUES Program give the award to local savings and credit cooperatives that have been able to strictly comply with the international Model Credit Union Building (MCUB) standards-a proven methodology taught by CUES to their partner coops that aims to transform them into profitable, safe and sound institutions and well-run institutions practicing financial disciplines in its operations.

The outstanding cooperatives are: First Community Cooperative in Cagayan de Oro City, FOCCUS silver; Mediatrix Multi-purpose Cooperative in Kidapawan City FOCCUS gold; and Bansalan Community Cooperative in Bansalan, Davao del Sur which achieved the highest award, FOCCUS platinum.

The three coops join the ranks of Agdao Multi-purpose Cooperative, Kapalong Cooperative, King Cooperative, Makilala Multi-purpose Cooperative, Nabunturan Integrated Cooperative, Panabo Multi-purpose Cooperative, Pantukan Community Credit Cooperative, Santa Catalina Multi-purpose Cooperative, Silangan Multi-purpose Cooperative, Samal Island Multi-purpose Cooperative, United Sugarcane Planters of Davao Savings and Credit Cooperative, and Tagum Cooperative.

Luis Sasuman, CUES chief of party, pointed out that the success of local cooperatives depend on the responsiveness and quality of their management.

"The CUES credit cooperatives have shown that despite the severe economic difficulties experienced by all sectors of the Philippine economy, well-managed, financially strong cooperatives are able to withstand adversity and even to grow," Sasuman said.