THE Senate on Monday approved on third and final reading a measure allowing the participation of certain foreign nationals in cooperatives in a bid to spur foreign investments.
With 18 affirmative votes and no negative, the chamber passed Senate Bill No. 1431, or the Revised Cooperative Code of the Philippines, which allows natural-born Filipinos and children of Filipino citizens who were naturalized as citizens of a foreign country to join primary cooperatives as associate members.
The bill also proposes tax exemption for agricultural cooperatives as well as non-agricultural cooperatives whose reserve funds have an existing balance of up to P50 million.
Senator Ana Theresia “Risa” N. Hontiveros-Baraquel, however, noted her hesitance in voting for the measure, citing concerns over the bill’s loose regulations on cooperative member voting, tax exemptions, and foreign cooperative ownership.
The inclusion of penal provisions, Ms. Hontiveros added, is also worrying. She said there are scam groups that use “cooperative,” but most are legitimate organizations registered with the Securities and Exchange Commission.
Ms. Hontiveros said that Senate President Sherwin T. Gatchalian promised to raise these concerns at the bicameral conference committee level. — Francessca S. Abalos