On 24 January 2022, the House of Representatives in the Philippines approved a measure that provides for the registration, regulation, and operation of cooperative banks.

The approved House Bill 9541 provides for the establishment, management, and regulation of cooperative banks under the supervision of the Bangko Sentral ng Pilipinas as the primary regulator, conformably with the provisions of the General Banking Law of 2000.

The bill seeks to

• foster the creation and growth of cooperatives as a vehicle for the promotion of self-reliance, communal unity, and the attainment of economic development and social justice,
• encourage the private sector to engage in the formation and organization of cooperatives to create an atmosphere conducive to the growth and development of these cooperatives,
• encourage thrift and savings mobilization for purposes of sustainable economic development among cooperatives and their members, and
• regulate the activities of cooperative banks to ensure sound, stable, sustainable and efficient operations, and to protect the public interest.

ICA-AP undertook the legal framework analysis of its member countries as part of the #coops4dev project. The legal framework analysis of the Philippines deals with the Republic Act No. 9520 (also known as the "Philippine Code of 2008"). Read more.