THE Philippine Chamber of Cooperatives, Inc. (PCCI) on Thursday asked senators to reconsider a provision on \u201cshared voting\u201d in its proposed amendments to the cooperative code, saying this could limit the power of cooperatives to a few.<\/p>\n\n\n\n
Senate Bill No. 2811 proposes an option for \u201cshared voting,\u201d wherein \u201cthe voting rights of the member-cooperatives shall be proportionate to the number of their paid-up shares.\u201d The measure is up for second reading at the plenary.<\/p>\n\n\n\n
\u201cThe number of shares a member holds must not give them more voting power, as this would lead to a few members with more shares having more control and potentially monopolizing the cooperative,\u201d the PCCI said in a statement.<\/p>\n\n\n\n
In a recent Senate hearing, CLIMBS Life and General Insurance Cooperative President Roel D. Raboy cited openness to allowing 40% share capital holdings in a federation, given that such shares do not carry voting rights.<\/p>\n\n\n\n
Mr. Raboy said a shared voting system would turn cooperatives into a \u201ccorporation-like\u201d model.<\/p>\n\n\n\n
The cooperative model currently follows the one-member, one-vote principle, while the corporate model follows a shared voting system.<\/p>\n\n\n\n
\u201cIf share voting schemes become part of the law, it would be difficult to ensure that they continue to serve their democratic purpose.\u201d<\/p>\n\n\n\n
\u201cIn the Senate\u2019s version, they are giving operations for either a cooperative vote system or a shared vote system,\u201d Edwin A. Bustillos, executive director, told reporters on the sidelines of a forum.<\/p>\n\n\n\n
However, a shared voting system may allow corporations to disguise themselves as a cooperative and evade taxes, Mr. Bustillos said.<\/p>\n\n\n\n
\u201cSome may create a corporation, have this registered as a cooperative, and eventually avail of the tax exemption. But it is controlled by a few, And that\u2019s not the value and principles of cooperative,\u201d he said in mixed English and Filipino.<\/p>\n\n\n\n
The groups also opposed the Senate\u2019s proposal to remove tax perks for cooperatives, noting that its members are already subject to tax in the form of income and value-added taxes. \u2014 Beatriz Marie D. Cruz<\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n Link to the original article: https:\/\/www.bworldonline.com\/the-nation\/2024\/10\/17\/628934\/reconsider-shared-voting-system-in-cooperative-code-senate-told\/<\/a><\/p>\n\n\n\n <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" THE Philippine Chamber of Cooperatives, Inc. (PCCI) on Thursday asked senators to reconsider a provision on \u201cshared voting\u201d in its proposed amendments to the cooperative code, saying this could limit the power of cooperatives to a few. Senate Bill No. 2811 proposes an option for \u201cshared voting,\u201d wherein \u201cthe voting rights of the member-cooperatives shall […]<\/p>\n","protected":false},"author":1,"featured_media":3370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-3369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","entry","has-media"],"rttpg_featured_image_url":{"full":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",2560,1707,false],"landscape":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",2560,1707,false],"portraits":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",150,100,false],"medium":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-300x200.jpg",300,200,true],"large":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",1024,683,false],"1536x1536":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",1536,1024,false],"2048x2048":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",2048,1366,false],"ocean-thumb-m":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",600,400,false],"ocean-thumb-ml":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",675,450,false],"ocean-thumb-l":["https:\/\/coopchamberph.org\/wp-content\/uploads\/2024\/10\/DSC_0765-3-scaled.jpg",1050,700,false]},"rttpg_author":{"display_name":"PhChamberCoop","author_link":"https:\/\/coopchamberph.org\/?author=1"},"rttpg_comment":2,"rttpg_category":"News<\/a>","rttpg_excerpt":"THE Philippine Chamber of Cooperatives, Inc. (PCCI) on Thursday asked senators to reconsider a provision on \u201cshared voting\u201d in its proposed amendments to the cooperative code, saying this could limit the power of cooperatives to a few. Senate Bill No. 2811 proposes an option for \u201cshared voting,\u201d wherein \u201cthe voting rights of the member-cooperatives shall…","_links":{"self":[{"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/posts\/3369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3369"}],"version-history":[{"count":1,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/posts\/3369\/revisions"}],"predecessor-version":[{"id":3371,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/posts\/3369\/revisions\/3371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=\/wp\/v2\/media\/3370"}],"wp:attachment":[{"href":"https:\/\/coopchamberph.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coopchamberph.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}