The ICA-AP Committee on Credit and Banking (ICCB) organised a Seminar on Sustainable Finance on the November 7 in Manila after its Statutory meeting.
The first part featured a compelling presentation by Ms. Cristina M. Liamzon, on the pivotal role of financial cooperatives in advancing the Sustainable Development Goals (SDGs). While presenting a framework to envision a role for cooperatives in addressing the challenges of the SDGs, particularly in the context of the climate crisis she also explored various innovative and unconventional responses and solutions to SDG-related challenges.
Ms. Cristina's presentation commenced with a compelling overview of the 17 SDGs, emphasizing the 'Why's and What's' through engaging video clips. Cooperatives, particularly financial cooperatives, were underscored as key actors in achieving the SDGs through their triple role – as economic actors creating opportunities, people-centered enterprises contributing to social equity, and democratic institutions playing a leading role in society. Ms. Liamzon showcased impactful initiatives from the Philippines-NATCCO, demonstrating the substantial contributions of cooperatives to specific SDGs. Examples included cooperative efforts for poverty eradication, food security, gender equality, and disaster relief operations.
A significant portion of the presentation was dedicated to exploring the cooperative response to climate change. Policies developed by coop members, products and services geared towards sustainability, and achievements in climate action were highlighted, illustrating the pivotal role cooperatives can play in addressing environmental challenges. Ms. Cristina urged cooperatives to think beyond traditional approaches, proposing innovative strategies such as scenario planning for environmental crises, conducting visioning exercises, and building a strong culture of appreciation for the SDG framework within cooperatives.
The second part of the seminar was a discussion on ‘Regulatory challenges faced by Financial Coops in Asia & Pacific’ led by members of the audience including committee members and observers who discussed several issues faced by financial cooperatives in the region. It was noted that credit is crucial in economic and social empowerment of poorer sections. Financial cooperatives provide access to credit and other financial services, particularly to people in the lower stratas of the society who otherwise would remain excluded from the financial system. The Chair noted that financial cooperatives apart from their direct contribution in building sustainable communities as a Cooperative, also significantly influence the contributions of Cooperatives in other sectors to SDG as well, through developing Green and responsible finance policies. Similarly, it was observed a robust regulatory system is essential for financial cooperatives to grow while maintaining stability, high level of public confidence and protecting clients under all circumstances. It was also observed that dual control, govt interferences, excessive control infringing autonomy and independence, the trend of ongoing reforms leading to dilution of Cooperative character and erosion of cooperative advantages and competitive strength etc. are some of the serious challenges they are facing today.
The office bearers of the committee participated in the seminar along with the ICA-AP staff namely, the Secretary of the committee Mr. Kulkbhushan Kukreja and Ganesh Gopal.
