ALL cooperatives will be facing a big problem if they don’t register again, according to a new memorandum issued by the Department of Finance (DOF).

Memorandum Circular 2009-02 prescribes the guidelines in the issuance of new certificate of registration under the Philippine Cooperative Code of 2008.

Sun.Star accepts donations for victims of Typhoon Ondoy

The guidelines in the memorandum circular covers the issuance of certificate of registration to all types and categories of registered and confirmed cooperatives that are existing before March 2009 except for cancelled and dissolved cooperatives.

Cooperatives that will re-register are required to submit the following documents: original copy of certificate of registration, photocopy of registered articles of cooperation and by laws and copy of latest audited financial statements as of Dec. 31, 2007 or 2008.

Under the guidelines provided in the memorandum, non–operating cooperatives will be assessed if they will be allowed to operate, while cancelled and dissolved cooperatives will not be issued new certificate of registration.

All cooperatives that previously registered but failed to re-register until March 22, 2010 will be cancelled.

Ray Elevazo, Cooperative Development Authority (CDA) regional director in Cordillera Autonomous Region (CAR), said around 40 cooperatives have complied with the new guidelines.

He advised all cooperatives to complete the needed requirements and to re-register so they can continue operating.

There will be a re-registration booth on the celebration of the cooperative month on November 13-14.

There are currently 699 cooperatives in the region.

Benguet has the biggest number of cooperatives with 247, Baguio - 251, Abra - 72, Ifugao - 64, Mt. Province - 55 and Apayao - 49.

Credit cooperatives and multipurpose cooperatives are the dominant types of cooperatives in the region.

CDA-CAR senior specialist Martin Manondon said the credit cooperative is more successful than multi-purpose cooperative because of the payment of loans.

He said credit cooperatives put interest in their loans, hence if a member doesn’t pay his loans promptly; he will face a bigger amortization. (Visha Calventas)