Lance Gokongwei, the chief executive officer of Cebu Pacific Air Inc., stated on Wednesday that…
CDA plans to increase funding to P2.5 billion in 2023.
According to Joseph Encabo, the head of the Cooperative Development Authority (CDA), the organization plans to increase its budget to PHP2.5 billion the next year.
Encabo claimed that the PHP2.5 billion budget allocation for the following year is more than double the PHP 1 billion budget for the organization this year.
Because CDA is now employed, he explained, “and if you’re employed, you need more budget.”
The larger money, according to Encabo, will be used to fund initiatives for cooperatives’ human capital development as well as capacity building for its small-scale farming and fishing cooperatives.
“We should be closely involved with the farm co-ops by giving them more initiatives and programs for their industry,” he continued.
In light of the issues associated with food security, the CDA head stated that cooperatives play a critical role in assisting the agricultural industry to secure a sufficient food supply in the local market.
According to Encabo, the agency’s increased budget also intends to boost economic activity as the nation recovers from the pandemic and enhances joint business involvement.
We simply want our cooperatives to be more active, engaging, and dynamic with the goal of being significant economic contributors, he said.
There are currently 13 million members served by the 20,000 cooperatives that have registered with the CDA.