Northern Mindanao continues to attain economic growth after the region posted a P8.31 billion in investment.
Records obtained from the Northern Mindanao office of the Cooperative Development Authority (CDA) showed the huge investments were posted by the 3,846 cooperatives organized in various areas of the region.
The investments were poured in the five provinces of the Northern Mindanao region.
Latest data showed that the province of Misamis Oriental garnered an investment of P5.39 billion, Bukidnon got P1.77 billion, Misamis Occidental got P553.7 million, Lanao del Norte got P528.2 million, and Camiguin got P72.7 million.
The CDA disclosed that topping the type of cooperatives in the region include multipurpose cooperatives (MPC) – agriculture at 2,051, MPC – non-agriculture cooperatives with 336, credit cooperatives with 160, service cooperatives with 91, consumer cooperatives at 62, producer cooperatives with 60, marketing cooperatives with 45, federated cooperatives have 27, cooperative unions with seven, cooperative banks with five, and one each for insurance and confederated cooperatives.
It was gathered that the fresh investments helped the region in generating additional income and creating employment opportunities for the local residents.
Northern Mindanao CDA Regional Director Orlando R. Ravanera noted that cooperatives in the region are “helping a lot” in uplifting the living condition of the people in far-flung areas.
“Cooperatives in this region contributed in development and progress, and also instrumental for social justice and peace,” the region’s CDA chief said.
The CDA director said the job and economic opportunities offered by the cooperative sector is even bigger than the micro and small and medium enterprises (SMEs) as it has assisted the coops to create more employment and livelihood of its members.
“Somehow, the movement could be a solution to the decades-old conflict in Mindanao which could be actually traced to the unequal distribution of wealth resulting on just a few people getting richer, leaving the greater population to live in poverty,” said Ravanera.
As this developed, it was gathered that the Regional Development Council (RDC) noted the big participation of the various cooperatives spread in different places in the region.