TWELVE of the 13 certified Finance Organizations achieving Certified Credit Union Standards (Foccus) Cooperatives are from Davao Region, an official of the Model Cooperative Network (MCN) said.
Foccus is a certification awarded by the MCN to affiliates that have achieved and maintained International Prudential Standards in their operations.
The certain standards that MCN base the certification upon help ensure that the members’ money is safe.
Also, the standards will offer competitive and quality financial services to its members and ensure sustainability of the cooperative.
“We adapted this self-regulation mechanism because we want to show the public that cooperatives are also safe and sound institutions and are sustainable. So if a cooperative is branded Foccus, then the public and the members can be sure that such cooperative where they will be investing their money is a safe haven for their investments and it’s going to operate soundly just like any legitimate business organizations and of course, it’s going to be sustainable. It’s not just going to die a year or three years after,” MCN Chief Executive Officer Rhoda Pillerin said during the weekly forum at Habi at Kape, Abreeza Ayala Malls Wednesday, April 19.
The 13 certified Foccus Cooperatives include Agdao Multipurpose Cooperative, Bansalan Cooperative Society, First Community Cooperative, Kapalong Cooperative, Nabunturan Integrated Cooperative, Maragusan Growers Multi-Purpose Cooperative, Panabo Multi-Purpose Cooperative, Pantukan Chess Club Cooperative, Samal Island Multi-Purpose Cooperative, Tagum Cooperative, United Sugarcane Planters of Davao Savings and Credit Cooperative, and CEV Credit Cooperative, which is based in Tagbilaran City, Bohol.
Previously, there were 26 Foccus-branded cooperatives under MCN but another 13 were de-branded due to some standards not being observed already.
Pillerin added 10 more cooperatives are applying for the Foccus-branding certification.
MCN was founded by the United States Agency for International Development 13 years ago and was based in Mindanao.