Monday, May 12, 2008 Victo: Electric coops can be stock coops By Jane Cadalig
THE possibility of electric cooperatives to register with the Cooperative Development Authority (CDA) and convert into stock coop is not far.
One of the country's biggest federations of cooperatives believes electric distributors should convert into stock coops, "to give true meaning to their tags as cooperatives."
"It's possible for electric cooperatives to convert. The process might be difficult because one needs to be very focused and have the financial resources to make it happen. But it is possible," Audie Joseph Samson, chief executive officer (CEO) of the Victo National Cooperative Federation and Development Center, said.
Samson said electric cooperatives are "only coops by name, not genuine cooperatives, since members have no control on management such as budget and expenditures."
The best thing about electric coops, Samson said, is they have captive members, who are the households and establishments.
"What's lacking though is the awareness of the members on the principles of cooperativism," he said.
Victo has two electric cooperative members namely the Negros Oriental Electric Coop (NOEC) and another in Aklan.
"They are only a few cooperatives which have complied with the requirements of the CDA," Samson said.
In Baguio and Benguet, the issue on whether the Benguet Electric Cooperative (Beneco) should convert into stock and register with the CDA remains a serious topic. Several referendums were made in an effort to convert Beneco into stock coop, but these initiatives failed.
Victo National, a federation of all types of cooperatives, is holding its 38th National Convention in Baguio.
Established in 1970, Victo spent its first 10 years organizing households into coops so they can achieve what they cannot individually.
It has 220 cooperative members mostly based in the Visayan region and more than 800,000 household members with around P9 billion worth of assets. Victo is expanding in Luzon.
Asked about how cooperatives survive in the Visayas, Victo Board chairperson Esperanza Garcia said the spirit of volunteerism works well in the region.
"Cooperative thrives where it is needed. The desire to help each other is there," Garcia said.
