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MEMORANDUM CIRCULARS
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MEMORANDUM CIRCULAR NO. 1295
TO
SUBJECT
WHEREAS, Presidential Decree No. 175, as amended, has been promulgated
in order to strengthen the cooperative movement in the Philippines;
WHEREAS, Presidential Decree No. 175, recognizes the existence of less
fortunate segments of our society who are in need of social economic
amelioration and should have the right to enjoy the privileges of self
development, social growth and economic independence under a truly just
and democratic society;
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 PD 175 as a means of increasing income and purchasing
power of low-income, sector of the population;
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.
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 Malacañang, Manila.
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Since 19.07.98.