Tolentino: Transcript of the opening statement
October 2, 2024
Transcript of the opening statement
Public hearing of the committees on banks, financial Institutions and currencies, joint with cooperatives, and ways and means
By Senate Majority Leader Francis 'Tol' Tolentino
Padilla Room, 2/F Philippine Senate
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 development, and poverty reduction at the grassroots level. I can say a lot, Mr. President, and go on and on, but it would seem, Mr. President, from a mere perusal of the bills under consideration, the only roadblock perhaps would be the discussion of the DOSRI provision, because this would involve the aggregation of several cooperatives.
Having said all of this, Mr. President, I am in full support of the passage, after discussion of the various measures, as a consolidated measure that would provide for a legal framework for cooperative banks in the Philippines. Just the same, Mr. President, with the Land Bank of the Philippines officially present here, I saw no reason why we should not amend the current Charter of the Land Bank of the Philippines likewise. Thank you, Mr. Chairman, for giving me the opportunity to say my piece.
Maraming salamat po, daghang salamat, mabuhay po ang ating mga kooperatiba. Happy Cooperative Month all. Salamat po, Mr. Chairman.
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