Revised rules and regulations implementing certain and special provisions of the philippine cooperative code of 2008. Cooperative development authority a cooperative is an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs and aspirations by making equitable contributions to the capital. View cooperatives handout ba162 from ba 162 at university of the philippines diliman. Pursuant to the provisions of article 9 of republic act no. To avail of loans, be entitled to credit and to accept and receive grants, donations and assistance from foreign and. Can you give me a complete translation of the ra 9520 in filipino so that i can give a solid and concrete discussion of the said ra in my community. The approval and implementation of the philippine cooperative code of 2008 ra 9520 paved the way for the enhancement of the charter of the cooperative development authority cda.
The implementing rules and regulations for ra 9520 was issued and rule 7 outline the functions and responsibilities of officers as well as the mandated training requirements for them. It generates a common pool of funds in order to provide financial assistance and other related financial services to its members for productive and provident purposes. In furtherance of the policy set forth in section 2 of this act, b credit information system is hereby established. This act shall be known as the cooperative code of the philippines. Cooperatives differ from other forms of businesses because they operate more for the benefit of members, rather than to earn profits for investors. Pursuant to article 144 2 of ra 9520, all cooperatives previously registered under ra 6938 with unpaidunsettled assessments as of the effectivity of ra 9520 shall be qualified to avail of the compromise settlement with bir at a compromise rate equivalent to twenty percent 20% of. A model for cooperative challenges coop grocer network. The philippines, despite its positive prospects in economic development, continues to be confronted with the problems of poverty and income inequality. Under article 2 of ra 6938, as amended by ra 9520, it is a declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for promoting selfreliance and.
Under article 2 of ra 6938, as amended by ra 9520, it is a declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for promoting selfreliance and harnessing people power towards the attainment of economic development and social justice. The philippines cooperative code of 2008 downloadable. It is the declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for promoting selfreliance and harnessing people power towards the attainment of economic development and social justice. Begun and held in metro manila, on monday, the twentyeighth day of july, two thousand eight. Mantalaba, cpa is an expert practitioner with a mastery of cooperative accounting having written 7 manuals and books on this topic.
At least part of that capital is the common property of the cooperative. The authority shall develop a social audit manual that will be used for. Officers of the cooperative shall be required to undergo necessary training conducted by the cooperatives, federations andor other training institutions duly accredited by the authority. The types of cooperatives are defined in the joint rules and regulations for the taxation of cooperatives, issued pursuant to the philippine cooperative code of 2008 ra 9520. Under article 2 of ra 6938, as amended by ra 9520, it is a declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for promoting selfreliance and harnessing. A cooperative, or coop, is an organization owned and controlled by the people who use the products or services the business produces. It is the declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for prompting selfreliance and harnessing people power towards the attainment of. Cooperatives at other levels are organized in the same democratic manner. Economic development is a growth indicator measured through the status of living in the community. The implementation of the training program for cooperative external auditors is based on the following articles, rules and regulations stipulated in the republic act no. Rules and regulations implementing certain provisions of ra 9520. Makilala mcdc officers and members join in the nationwide convergence of cooperatives to oppose congress initiative to repeal tax exemption provision of ra 9520. The strategic practices presented below in bold type have been indexed in at least two cooperatives. Cda, section 24b1 of the nirc must be read together with ra 6938, as amended by ra 9520.
She was a director of the pup institute of cooperatives 1997 to 2004. Those words and phrases highlighted in orange are the changes effected by. Republic acts an act amending the cooperative code of. Registered cooperatives under ra 9520 as of june 31. Cooperatives with a minimum paidup capital of one hundred thousand pesos p100,000. An act amending the cooperative code of the philippines to be known as the philippine cooperative code of 2008 be it enacted by the senate and house of representatives of the philippines in congress assembled. Pdf cooperative best practices in japan and in the philippines. Signed by the president into law on february 17, 2009 and effective fifteen 15 days after its publication in the official gazette or in a newspaper of general circulation march 7, 2009 3. Tax treatment of ooperative, duly registered cooperatives. The republic act, in its constitution, aims to enable and empower cooperatives in doing their mission, vision, and goals for their members and their communities. Article 80 of ra 9520 states that cooperatives registered under this code shall be subject to an annual financial, performance and social audit. Ra 9520 pdf an act amending the cooperative code of the philippines to be known as the philippine cooperative code. Rules and regulations implementing special provisions of ra 9520.
The promotion and development of cooperative banks, as part of the banking system and of financial service cooperatives as defined in republic act no. Cooperatives have helped a lot of unemployed individuals, especially housewives, as they get access to financial assistance and livelihood trainings. Juarez chairman this implementing rules and regulations part i was approved by the joint congressional oversight committee on cooperatives during its meeting on february 16, 2010 at the senate of the philippines, pasay city pursuant to. With the proper mindset and dedication, many cooperative members have become established entrepreneurs. To enter into division, merger, or consolidation, as provided under ra 9520. With the improved philippine cooperative code of 2008, the organizational structure. Scribd is the worlds largest social reading and publishing site.
The philippine cooperative code of 2008 republic act no 9520. Accounting for cooperatives flyer and course outline. Cooperatives may fall under any of the following types. Whereas, while the administrative roles of the cda and bir are recognized, the endinview of the jao is to. Cooperative challenges for each cooperative challenge we present a summary based on interrelated values and principles, followed by good practices that allow for concretely meeting cooperative challenges. Cooperatives serve their members most effectively and strengthen the cooperative movement by working together. Those cooperatives the members of which are cooperatives shall be known as federations or unions, as the case may be. This act shall be known as the philippine cooperative code of 2008. She was part of the senate and house of representative technical working group that drafted ra 9520 coop code of 2008 and its irr in 2010 as well as the development of the. Provided, that such cooperative shall submit to the nearest office of the authority a copy of their. It is the declared policy of the state to foster the creation and growth of cooperatives as a practical vehicle for promoting selfreliance and harnessing people power towards the. It describes the status and living condition of our people.
Registered cooperatives under ra 9520 as of june 31, 2014. Cooperative external auditors accreditation renewal. Philippine cooperative code cooperative an autonomous and duly registered association of persons. The philippine cooperative code of 2008 republic act no 9520 free download as powerpoint presentation. The major difference, however, is that under article 61 of the new law, transactions of members with cooperatives are now expressly exempt from. Cooperative development authority republic act 9520. Cooperative development authority certain provisions of.