Press Release - Tolentino: Transcript of the opening statement

Thank you, Mr. Chairman. Thank you for allowing me to speak.

I associate myself with Senate Bill 608, Senate Bill 2579, 2471, as well as the accompanying House Bill 8265, realizing that cooperatives serve various sectors, especially in the rural and underserved communities. A cooperative bank would provide specialized financial products and services that are designed to meet the unique needs of cooperatives, such as lower interest loans, no offense to the Land Bank of the Philippines here, development funding, and long-term credit. According to the CDA, I'm sure CDA is listening right now via Zoom, as of August 31, 2021, that was several years ago, there are 24 cooperative banks operating in the country with four operating nationwide, 10 region-wide banks at the provincial level and one at the municipal level.

The total assets after the pandemic would be P23,425,716,882. I believe, Mr. Chairman, that the proposed bills are designed to establish a comprehensive legal framework for cooperative banks, allowing them to serve better the farmers, fisherfolk, micro-entrepreneurs, small traders, and other rural workers. I'd like to thank the chairman of this committee, Senator Villar, because I think today we're celebrating the cooperative month, and it is indeed very timely to discuss this measure.

One other thing I'd like to highlight, Mr. Chairman, is that the coop banks, no offense again to the Land Bank of the Philippines, would promote financial inclusion, especially for small-scale farmers, fishers, micro-entrepreneurs who are left out of the traditional banking system. Cooperatives are key in promoting financial inclusivity, and a dedicated bank with a legal framework, which the bills would be discussing, would provide better access to capital and development programs, Mr. Chairman. And finally, I really believe that cooperatives have a strong potential for community-driven development.

We have a lot of cooperatives that are success stories, not just for farmers in Nueva Ecija, but also in Mindanao. A development bank specifically catering to cooperatives would support local economic empowerment by financing projects that promote job creation, sustainable