Cooperative: A Life Changing Institution

 COOPERATIVE: A Life Changing Institution| Guisel's Crib

What's up Madlang Pipz. It's me again, Ghie, your storyteller of the day.

Many people need to learn what a cooperative is and the benefits they can gain from it. Some simply disregard cooperatives because they are not as well-known as commercial banks. However, if you take the time to understand the contributions of cooperatives in the community and why they exist, you will truly be surprised.

What is a Cooperative?

The International Co-Operative Alliance defines a cooperative, or co-op, as “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.” In other words, cooperatives are created by people who have a specific need and who are willing to work together to operate and organize a company that will meet that need. The cooperative movement began in Europe in the 19th century, primarily in Britain and France.

Membership in a cooperative is open to all, regardless of age, gender, and race. The cooperative also crafts products and services tailored to the needs of its members.

In fact, I have been a cooperative member for almost three decades, as well as all of my family members. Many of my relatives also participate because of its advantageous products and services.

Why do we choose to be members of a cooperative?

Geographically, we have a cooperative in our community. However, we chose to become members because of the varied products and services they offer, starting from baby bank savings accounts up to its funeral services.

In addition, cooperatives offer high interest rates on savings deposits because they are "tax-free" institutions. 

In addition, cooperatives provide their members with patronage refunds and interest on share capital deposits every year. Therefore, as we utilize the cooperative lending services, the portion of the interest we paid was refunded to us.

What makes a cooperative different from commercial banks?

A cooperative is not primarily a business-oriented institution; rather, it is service-oriented. Why is this the case? Because providing social services to its community is its top priority. In fact, they allocate a certain percentage of their net surplus specifically for social services. Moreover, the Cooperative Development Authority (CDA) mandates that all cooperatives fully utilize the budget allocated for their social services each year.

Photo credits to Barbaza Multi-Purpose Cooperative

In conclusion, cooperatives are highly recommendable in various aspects. From serving as a depository bank to being a partner in life's struggles, they play a crucial role. Just like us, we survived because of the co-op, graduated because of the co-op, and succeeded because of the co-op.

So, what are you waiting for? Explore the opportunities in a Cooperative today!

#ProudCooperativeMember

#OnlyinCooperative

#COOPNATCCOpartylist

Thank you for your time. 

-guisel's crib-