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Calamba, Laguna─ The Institute of Cooperatives and Bio-Enterprise Development (ICOPED) with the Cooperatives and Livelihood Development Department (CLDD) of Calamba City Government conducted a training course on Financial Management on September 7 to 8, 2016 at the Calamba City Training Center, Plaza Mercado. The financial management course is a mandatory training for officers of cooperatives engaged in savings and credit with at least PHP 5,000,000 worth of deposit liabilities based on the latest audited financial statement (Philippine Cooperative Code of 2008, RA 9520).
Financial Management involves planning, directing, monitoring, organizing, and controlling of the monetary resources such as procurement and utilization of funds of an organization. It is applying general management principles to financial resources of the enterprise. The course covers concepts of cooperative financial management─ scope of financial management; sources and uses of funds; monitoring financial performance for sustainability; PESOS and PISO meaning and interpretation; scope of budgeting; approval, implementation, and monitoring of plans and budget; reading and understanding of statement of operation, financial condition, cash flow, and changes in equity; knowledge, skills, and attitudes required of the officers to efficiently manage the funds of the cooperative The objectives of financial management are to: (1) ensure regular and adequate supply of funds, (2) secure adequate returns to the shareholders which will depend upon the earning capacity, market price of the share, expectations of the shareholders, (3) assure optimum funds utilization, (4) promise safety on investment, and (5) plan a sound capital structure.
Ms. Ma. Cielo M. Lampa, Chief Administrative Officer of SPMO-UPLB, Ms. Joan E. Mendoza, Chief Accountant of UPLB Accounting Office, Ms. Arminga B. Peria and Ms. Alicia R. Quicoy, University Researchers of ICOPED, served as resource persons for the training. A total of 32 participants, mostly board of directors, secretary, treasurer, and committee heads from the cooperatives in Calamba, Laguna, completed the training.
Sound financial management is essential for the success of any cooperative. Without proper financial systems─ and the ability to understand and use financial information to help make good decisions─ the goals of the cooperative cannot be met. PM Luis