The Financial sector regulators in the Philippines are considering creating a program to strengthen cooperative banks in the country.
In a story published by the Manila Times, the program intends to promote a vibrant cooperative banking sector that will foster the growth of rural economies in the Philippines. The program will also offer mechanisms of financial assistance and regulatory reliefs to cooperative banks.
This is positive news, the role of cooperative banks in servicing the financially underserved in the Philippines cannot be overlooked. Over the years, they have been on the forefront in the delivery of much-needed financial services, particularly in the countryside
To further support this, The Central Bank of Philippines - Bangko Sentral ng Pilipinas is supporting the approval of the Cooperative Banking Act which will help to simplify the regulatory procedures for cooperative banks.