Aquino’s call: Turn GOCCs into people-owned firms

Convert government-owned and controlled corporations (GOCC) to consumer-owned and controlled corporations (COCC).

Former senator Butz Aquino gave this proposal as a way to fight poverty.

“If GOCC’s will be converted to COCC’s, it will become a company of the “people”. This is one way of distributing wealth of the country. The people are forced to pay their obligation because they own the company.” said Aquino, who was a speaker during the Oct. 20’s first Central Visayas Co-op Congress at the Waterfront Cebu Hotel.

He called on the government to turn these GOCCs to people-owned companies.

“Let’s buy them out. It there’s a program to spread the wealth in the country, it requires a policy shift,” said Aquino, the uncle of President Benigno Aquino III.

Former senator Aquino is known as the “father of cooperatives” for his role in the   passage of the Cooperative Code of the Philippines. The law caused the resurgence of cooperatives in the country today.

Victor Comeros of the Central Visayas Co-op committee said the congress aimed to bring people and organizations together.

Doris Canares of TMX CC and Co-op Centrum said Central Visayas had about 600 cooperatives. According to the Cooperative Development Authority in Cebu, the region’s cooperatives had 502,000 individual members and P11.5 billion of assets.

The congress also discussed issues regarding cooperatives in Cebu specifically the electric cooperatives, control of market, transparency and accountability and the promotion of cooperative products.

“The people should be well-informed. There should be accountability and transparency in cooperatives. Annual capital shares should be recorded.” said CDA executive director Orlan Ravanera./Correspondent Rhea Ruth V. Rosell