- Establishment of Credit Cooperatives Among Market Vendors in Public Markets of the Country
- Memorandum Circular No. 1295
November 21, 1985
MEMORANDUM CIRCULAR NO. 1295
|TO||:||All Provincial Governors; City Mayors; Municipal Mayors|
|SUBJECT||:||Organization and Establishment of Credit Cooperatives Among Market Vendors in the Public Markets of the Country|
WHEREAS, the Ministry of Agriculture and Food (MAF), through the Bureau of Cooperatives Development is mandated by law to promote the cooperative development program;
WHEREAS, pursuant to the cooperative development program, the MAF has encouraged the organization of varied cooperative enterprises, among which are credit cooperatives for market vendors particularly in the National Capital Region (NCR);
WHEREAS, the market vendors credit cooperatives have proven the merit and objectives of
WHEREAS, these market vendors credit cooperatives have to a certain extent provided financial capital to market entrepreneurs through their own self-help program, and common pooling of financial resources thereby eradicating "loan sharks" and "5-6 money-lenders" in market areas where credit cooperatives are in operation;
WHEREAS, it is most desirable to replicate the successful programs on the NCR experience on a nationwide basis;
WHEREFORE, all Provincial Governor and City/Municipal Mayors are hereby ordered, in coordination with the Ministry of Agriculture and Food and its local representative, as well as existing private cooperative organizations such as the National Market Vendors Cooperatives Service Federation, Inc. (NAMVESCO) and the Cooperative Foundation Philippines, Inc. (CFPI), to take all necessary measures in the establishment and organization of credit cooperatives among market vendors in all public markets within their respective jurisdiction. DCTSEA
It is further directed that the organized credit cooperatives in all public markets be allocated office space within the market under such terms and conditions conducive to the efficient operations of the cooperatives.
DONE on the 21st day of November, 1985, at Malaca ang, Manila.