Microsoft Word – PR-Coop-Chamber-Urges-CDA-to-Exempt-Micro-Cooperatives-from-Costly-Audits.docx
QUEZON CITY, Philippines – January 30, 2026 – The Philippine Chamber of Cooperatives, Inc. (Coop Chamber) has formally appealed to the Cooperative Development Authority (CDA) to exempt Micro-Cooperatives from the mandatory submission of Audited Financial Statements (AFS) signed by external CPAs, citing the need to reduce unnecessary financial burdens on the country’s smallest social enterprises.
In a letter addressed to CDA Chairperson Usec. Alexander B. Raquepo dated January 28, 2026, the Coop Chamber proposed that Micro-Cooperatives be allowed to submit annual financial reports certified under oath by their own officers, specifically the Treasurer and Chairperson, instead of incurring the high expense of hiring CDA- accredited external auditors.
“Micro-cooperatives are often still struggling to establish their operations and secure their sustainability,” stated Noel D. Raboy, Chairperson of the Coop Chamber. “Requiring them to pay for accredited CPAs drains resources that should instead be used for business growth and member services. By simplifying compliance, we make their integration into the formal economy manageable rather than punitive.”
The appeal comes on the heels of a progressive move by the Securities and Exchange Commission (SEC), which recently exempted Micro-Enterprises (corporations) from submitting audited financial statements to encourage MSME growth.
Under the SEC’s new guidelines, micro-corporations are only required to submit financial statements accompanied by a “Statement of Management’s Responsibility” (SMR) signed by the company’s Chairperson and Treasurer.
“If the corporate regulator can cut red tape to help micro-enterprises survive, surely the cooperative sector, which directly serves the grassroots and marginalized, deserves the same support,” said Edwin A. Bustillos, Secretary-General of the Coop Chamber. “This proposal is timely and necessary. It aligns the cooperative movement with the national government’s push for Ease of Doing Business.”
The Coop Chamber emphasized that the proposal is not a request to lower transparency standards, but to adopt a “tiered” approach to regulation that recognizes the financial reality of micro-cooperatives.
The Chamber expressed confidence that the CDA, as the government agency dedicated to championing the growth of cooperatives, will see the merit in fostering a more supportive regulatory environment.
“We are asking the CDA to exercise its developmental mandate,” Bustillos added. “By removing this financial hurdle, we empower micro-cooperatives to focus on what matters most: improving the lives of their members.”
About the Philippine Chamber of Cooperatives, Inc.
The Coop Chamber is a national organization of cooperatives in the Philippines, serving as the unified voice of the sector in policy advocacy and development. It represents thousands of primary cooperatives across the archipelago, advocating for a policy environment that ensures sustainability and growth for the movement.
Media Contact:
Edwin A. Bustillos, Secretary-General
Philippine Chamber of Cooperatives, Inc.
Email: coopchamber.ph@gmail.com Website: https://coopchamberph.org/ Facebook: Coop Chamber PH
Phone: +63 917 801 7309
Address: #20 Stanford St., Araneta Center, Cubao, Quezon City
