KEYNOTE SPEECH OF VICE PRESIDENT NOLI DE CASTRO

ASIAN CREDIT UNION FORUM 2005

SEPTEMBER 9, 2005
DUSIT NIKKO HOTEL, MANILA, PHILIPPINES

ACCU PRESIDENT DR. AUGUSTINE K. LIM, ACCU CEO RANJITH HETTIARACHCHI, HONORABLE CONGRESSMAN GUILLERMO P. CUA OF COOP NATCCO PARTY-LIST, DIGNITARIES OF THE ASSOCIATION OF ASIAN CONFEDERATION OF CREDIT UNIONS, REPRESENTATIVES, REPRESENTATIVES OF THE INTERNATIONAL PARTNERORGANIZATIONS,

FORM ORGANIZERS, COOPERATORS, LADIES AND GENTLEMEN:

ON BEHALF OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES, I WOULD LIKE TO EXTEND TO ALL OF YOU THE WARM GREETINGS OF THE FILIPINO PEOPLE. IT IS NOT ALWAYS THAT WE PLAY HOST TO A BIG GATHERING OF COOPERATORS FROM ALL OVER ASIA LIKE WE ARE HAVING TODAY. BUT IF IT IS ANY INDICATION, WE WOULD LIKE TO SEE THIS AT LEAST AS A CONFIRMATION OF WHAT WE IN GOVERNMENT HAVE COME TO KNOW – THAT THE COOPERATIVE MOVEMENT IN THE COUNTRY, PARTICULARLY THE SAVINGS AND CREDIT COOPERATIVE SECTOR, IS A GROWING MOVEMENT AND IS MAKING PALPABLE CONTRIBUTION TO THE LOCAL ECONOMY. IN FACT, IN MANY COMMUNITIES THAT REMAIN UNSERVED BY FORMAL FINANCIAL INSTITUTIONS, SAVINGS AND CREDIT COOPERATIVES ARE THE MAIN IF NOT THE ONLY SOURCE OF FINANCING FOR A GREAT MAJORITY OF OUR POPULATION.

SO WE ARE HAPPY AS WELL AS PROUD THAT THE ASIAN CONFEDERATION OF CREDIT UNIONS HAS CHOSEN THE PHILIPPINES AS A VENUE OF THIS IMPORTANT REGIONAL CONFERENCE. THIS IS A GREAT OPPORTUNITY FOR US IN GOVERNMENT, AND ESPECIALLY FOR COOPERATORS IN THE PHILIPPINES WHO HAVE SPENT A GOOD PART OF THEIR LIVES TO THE CAUSE OF THE COOP MOVEMENT, TO PROVE TO THE GENERAL PUBLIC THAT, INDEED, COOPERATIVES IN THE COUNTRY ARE AN IMPORTANT PART OF OUR NATIONAL DEVELOPMENT. AND THAT THEY ARE HERE TO STAY BECAUSE THEY ARE PART OF A BIG MOVEMENT THAT HAS TAKEN ROOT AND CONTINUE TO GROW IN ASIA.

I WISH TO CONGRATULATE ACCU FOR BEING AT THE FOREFRONT OF THIS SIGNIFICANT DEVELOPMENT. THE TASK OF THE CONFEDERATION IS NOT AN EASY ONE, WE CAN ALL APPRECIATE THIS. LEADING A GRASSROOTS MOVEMENT THAT IS AT VARIOUS STAGES OF DEVELOPMENT, AND ONE THAT OPERATES UNDER DIFFERENT ECONOMIC, SOCIAL AND CULTURAL CIRCUMSTANCES AND CONDITIONS, IS A DAUNTING TASK. GUIDING THIS MOVEMENT TOWARDS A COMMON VISION, COMMON GOALS, AND TOWARDS A COMMON SET OF STANDARDS IS NOT A SMALL CHALLENGE.   

SO WE SHOULD ALL CONGRATULATE ACCU FOR FACING UP TO THIS CHALLENGE. THIS CONFERENCE IS YET ANOTHER PROOF THAT IT IS SERIOUS WITH AND IT IS PERSISTENT IN MEETING THIS CHALLENGE. FOR IT ONCE AGAIN FOCUSES ON STANDARDS, ON STANDARDIZING SYSTEMS AND POLICIES OF SAVINGS AND CREDIT COOPERATIVES OR CREDIT UNIONS ACROSS ASIA, AND ON CREATING MODEL CREDIT UNIONS THROUGH A SYSTEM OF BRANDING.

PERSONALLY, I WISH TO SEE THE DAY WHEN SAVINGS AND CREDIT COOPERATIVES IN THE PHILIPPINES HAVE A BRAND NAME EQUIVALENT TO THE SUCCESSFUL BRAND NAMES IN THE COUNTRY. I WISH TO SEE THAT DAY WHEN I CAN CARRY AN ATM CARD ISSUED BY A COOPERATIVE IN THE PHILIPPINES AND WHICH I CAN USE WHEN I TRAVEL TO OTHER PARTS OF ASIA BECAUSE CREDIT UNIONS IN THE REGION BELONG TO THE SAME DIGITAL NETWORK. WHEN THAT DAY COMES, I WISH I WILL BE THE FIRST TO CONGRATULATE ACCU FOR SUCH GREAT ACHIEVEMENT.

I AM HAPPY TO REPORT TO YOU THAT IN THE PHILIPPINES WE ARE DOING OUR PART IN MOVING TOWARDS THIS DIRECTION. I AM INFORMED THAT IN CONGRESS, A NEW LAW FOR SAVINGS AND CREDIT COOPERATIVES IS BEING CRAFTED WITH THE ACTIVE PARTICIPATION OF COOP MOVEMENT IN THE COUNTRY, AND IS NOW IN THE ADVANCED STAGE OF OUR LAW MAKING PROCESS. THIS PROPOSED LAW WILL BRING SAVINGS AND CREDIT COOPERATIVES INTO THE MAINSTREAM FINANCIAL SYSTEM IN THE COUNTRY AND AIMS TO BRING THEIR PERFORMANCE AT PAR WITH THE REST OF THE FINANCIAL INDUSTRY.  I AM PLEASED TO SUPPORT THIS PROPOSED LAW FOR SAVINGS AND CREDIT COOPERATIVES AUTHORED BY THE PHILIPPINE COOP SECTOR REPRESENTATIVE IN CONGRESS, HONORABLE CONGRESSMAN GUILLERMO P. CUA.

THAT’S WHY THE THEME OF THIS CONFERENCE IS SO TIMELY TO US HERE. IT BRINGS INTO FOCUS THE AREAS THAT NEED TO BE ADDRESSED, BOTH BY GOVERNMENT AND THE COOP MOVEMENT ITSELF, TO ENSURE THAT COOPERATIVES ACHIEVE HIGH STANDARDS OF PERFORMANCE. IT ALSO UNDERLINES THE URGENCY FOR GOVERNMENT TO EXPEDITE THE PASSAGE OF THIS LAW.

I AM ALSO HAPPY TO REPORT TO YOU THAT THE COOP SECTOR ITSELF IS DOING ITS PART. I AM INFORMED THAT EFFORTS ARE ON-GOING AND IN EARNEST IN ESTABLISHING STANDARDS AND IN PREPARING COOPERATIVES TO ADJUST AND COMPLY WITH THESE STANDARDS. I AM ALSO HAPPY TO NOTE THAT THE TWO MAIN ORGANIZATIONS AT THE FOREFRONT OF THE SAVINGS AND CREDIT COOP SECTOR IN THE COUNTRY – THE NATIONAL CONFEDERATION OF COOPERATIVES (NATCCO) AND THE PHILIPPINE FEDERATION OF CREDIT COOPERATIVES (PFCCO) – ARE WORKING TOGETHER TOWARDS THIS END. LET ME UNDERLINE ‘WORKING TOGETHER’ BECAUSE IT’S ABOUT TIME COOPERATIVES IN THE PHILIPPINES WORK TOGETHER TO ACHIEVE THEIR COMMON GOALS.

IT IS HARD TO IMAGINE COOPERATORS ACHIEVING THEIR VISION AND DREAMS WITHOUT WORKING EFFECTIVELY TOGETHER. AND I SAY THIS NOT ONLY TO ADDRESS THE CONCERNS OF THE COOP MOVEMENT IN THE PHILIPPINES. I SAY THIS ALSO TO ADDRESS THE SAME CONCERN IN OTHER PARTS OF ASIA. FINALLY, I SAY THIS ON BEHALF OF ACCU AND ITS LEADERS, WHO CANNOT HOPE TO ACHIEVE THE VISION OF SUCCESSFUL CREDIT UNIONS ACROSS ASIA WITHOUT ALL ITS MEMBERS, ALL THE FEDERATIONS AND ASSOCIATIONS UNDER ITS FOLD, WORKING TOGETHER TO ACHIEVE THEIR COMMON GOAL.

IT IS ON THIS NOTE THAT I WISH TO END THIS SHORT BUT, AS FAR AS I’M CONCERNED, MEANINGFUL PARTICIPATION IN YOUR CONFERENCE. HERE’S TO WISH ALL OF YOU GREAT SUCCESS AND EVENTFUL STAY IN THE PHILIPPINES. THANK YOU.

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