TO alleviate the plight of workers affected by the community quarantine in Cagayan de Oro, the city council during its regular session this week, adopted a resolution urging all credit cooperatives in the city to donate or give those economically affected from their respective Social Responsibility Funds.
Councilor Enrico Salcedo, the proponent of the resolution said this is equivalent to three percent of their Net Surplus under RA 9520, otherwise known as the Cooperative Code of the Philippines.
Chapter 10 of the Cooperative Code provides that the net surplus of cooperatives shall be distributed for its Reserve Fund; Education and Training; and Community Development Fund, among others. The Community Development Fund shall not be less than three percent of the net surplus, which shall be used for projects or activities. (SP)
