I was afraid that my favourite rainbow-coloured treat would ran out in my school cooperative. It’s either the supply or what was left from my “baon” was so little.
Breaks were fun whenever I get to enjoy sweets. Add decades to my existence; I still have sweet tooth and my interest range from dessert to investing.
How can an OFW invest in cooperative in the Philippines?
The cooperative in my alma mater has been closed but surely there has to be other cooperatives in the Philippines that I can invest in before I would have to wear denture as a result of pining over sugar.
(I still have good set of teeth thanks to flossing and using toothpaste with baking soda.)
Time to get into the matter. Mind you, it’s a challenge for OFWs to invest while living abroad regardless of what type of investment to take risk on.
So investing in cooperative wouldn’t be different. If anything, it’s more challenging.
But there’s a way.
Where to Start
For OFWs, our candy store where we can shop and look around for information is through the Internet. The advantage of going online in foreign countries is having fast Wifi connection.
It’s easy to spot the Cooperative Development Authority (CDA) as the government department that set standards for the cooperatives in the Philippines.
Then the discovery turn sour.
The CDA’s website has disadvantages:
- The masterlist for the registered cooperatives is not updated.
- The list of delisted cooperatives is not updated.
- It is hard and time consuming to search the cooperative based on location, type, and assets.
The first time I visited the website, I was frustrated and my enthusiasm to join a cooperative vanish as if eaten away by a too smart dog when I wasn’t looking.
It makes me want to cry; what a lost.
But wait. I can buy another ice cream and eat it too . . . on my own.
I can’t walk away and forget about the cooperatives that keeps on bugging me ever since I learned how to further diversify my assets.
How You Can Invest in Cooperatives in the Philippines
First, accept that the information in CDA’s website is better than nothing. There’s no use of waiting for any improvement to come our way, so let’s make the best of what we have.
Step 1: Find out the cooperatives you’ll likely qualify for at:
- Organization in the community
Because I’m an OFW and a dual citizen, I searched for cooperatives in my Philippine address. Use a search query like “Philippine cooperatives in Metro Manila.”
Step 2: Check if the cooperative is in the masterlist of CDA or in the delisted list.
Step 3: Get more information. Find out the website and Facebook page of the coop. I find it more effective to get feedback on social media.
Also search for any news about the coop. Try “Is [insert name of the coop] a scam?”
Step 4: Join the cooperative. This is the toughest part.
You have to attend in person the seminar before becoming a member of a cooperative. Do step 1 to 3 while living abroad and once you visit the Philippines, prepare all the requirements for the application.
Tip: Collect a list of possible cooperatives so you can shop around.
When Should You Invest
Although you spend so much time researching and feel ready to invest in cooperatives but you have more questions in the seminar, ask away.
Don’t fall into the trap of “I must invest now” mentality.
Use your time in the Philippines wisely. I’m sure you’ll be able to invest in at least one cooperative before you go back abroad.
Are you an OFW? Were you able to invest in a cooperative?