More loan window for Davao’s co-ops available in 2017: exec    

THE CITY Cooperative and Development Office has been promised an additional P2 million in funding for soft loans next year, according to its director Julius Adrian Oxales.

Speaking at the weekly iSpeak forum at city hall, Mayor Sara Z. Duterte has already given the nod to increase the department’s budget to further assist the cooperatives sector.

This increases the department’s budget from P2.5 million to P4.5 million to input into the city’s 290 cooperatives.

At the moment, the department will be helping by facilitating the accreditation of the co-ops by the city council, through the committee on cooperative development.

“Some of the co-ops here do not have enough education to operate their cooperatives,” Oxales said. “The city’s role now is how to improve micro-enterprises.”

The CCDA, for its part, has a recorded collection efficiency of 96% for the coops here.

The Cooperative Development Agency, he said, was in charge of the monitoring of the performance of the co-ops.

While there has already been one co-op, the Agdao Multipurpose Cooperative, that reached P1 billion in assets, there were already around 11 large cooperatives with at least P114.6 million in assets, Agdao MPC included.

This makes up for a combined asset value of P4.626 billion for the 11 coops alone.

In 2015, there were 42 medium-sized cooperatives with assets of P50 million to P100 million.

There were 83 small enterprises with assets ranging from P3 million to P50 million.

The majority of the coops in Davao City comprise 158 micro-enterprises, with assets of P3 million and below. The micro enterprises have a total value of around P155 million.

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