“Sorry my child, we don’t have enough money for your college education. Our income is only enough for our daily meals and bills.” “Ma, don’t worry, I have saved more than enough to finance my tertiary studies in a public school. Do you remember the times when I helped uncle weed their garden every weekend? They gave me cash gifts. And a few bucks from my allowance for the last four years, I saved some in a cooperative.”
THIS is just one of the success stories I heard from a participant while attending a co-op convention. This story is also true to others who have found the cooperative as the best partner in building the future.
Cooperative Development Authority Memorandum Circular 2015-03 states that a cooperative may assist in the organization of a laboratory cooperative of 15 or more individuals who are minors, who may be students or out school minors, Filipino Citizens and are actually studying or residing within the nearest area of operation of the intended guardian cooperative.
Laboratory cooperatives are organized to serve as a training ground for its members to prepare them for membership in regular cooperatives.
Another purpose of creating such co-ops is to teach the values of thrift and saving mobilization while instilling cooperative values, principles, financial discipline, business skills and leadership skills among the youth. This results in the promotion of Filipino social and cultural values, financial education, ecological awareness and sustainable development.
The guardian cooperative has supervisory functions over the laboratory co-op. It formulates the programs, plans, and activities appropriate for the education and training of the members. It also formulates, adopts and implements internal control policies and procedures that shall be embodied in the manual of operation for the Laboratory Cooperative.
It is timely that the City Government of Imus, Cavite in partnership with CDA will be spearheading the conduct of the 2018 Eskwela Kooperatiba: National Conference for the Development of Laboratory Cooperatives on August 22 to 24 at the Heritage Hotel Manila, Roxas Blvd, cor. EDSA, Pasay City. In-depth discussions on Laboratory co-ops will be tackled with speakers coming from experienced co-op stakeholders.
In the capital town of Benguet, Benguet State University and Community Multipurpose Cooperative recorded an amount of close to P40 million deposits of its 3,585 Laboratory Co-op members.
This institutional now turned community-based is the fourth billionaire coop in Cordillera. Aside from the expansion of its services, manager Jane Asiong pointed out that the substantial hike in the asset came from the increase in membership capital shares and the savings generated from the laboratory co-op.
If youth are involved in the cooperative sector, surely they will learn the set of skills and knowledge that will allow them as individuals to create informed and effective decisions with all of their financial possessions.