Cooperatives On the Rise in Panama

The cooperative legal structure is becoming increasingly important in the country, especially in the multi-service and credit unions format.

Tuesday, November 23, 2010

According to statistics from the Panamanian Autonomous Cooperative Institute (IPACOOP), the country has 521 cooperatives, which manage a total of $ 1.4 billion. 80% provide multiple services or credit and savings products.

Ana Giselle Rosas de Vallarino, director of the institute, said the sustained growth this type of association has had in the past three years, indicates that resources management control has become increasingly important.

"We have the legal capacity to go to the cooperatives and make audits, check their corporate books, make sure their minutes have been approved, that oversight boards are doing their job and verify if credit unions are meeting the requirements to approve loans," said Vallarino to Martesfinanciero.com.



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Panama To Host Cooperative Summit in 2012

October 2011

The Autonomous Cooperative Institute has announced that in 2012 to mark the International Year of Cooperatives, the country will host the Second Summit of the Americas Cooperative.


A press release from the Presidency of the Republic reads:

This announcement was made by President of the Republic, Ricardo Martinelli, who said that this event is of great importance for the country as the cooperatives have become a key factor for economic and social development, as well as contributing to the eradication of poverty.

Panamanian Cooperatives Increase Profits by 50%

May 2009

At the close of fiscal year 2008, net income was $18 million, according to the Panamanian Autonomous Cooperative Institute (IPACOOP).

There are currently 458 cooperatives, of which 86% closed with profits, said Ramón Rodríguez, IPACOOP deputy executive.

Wilfredo Jordán reported the deputy director’s statements: "Cooperative profits are recorded after discounting 35% for reserves or social support.

Credit Unions in Guatemala seeking members

October 2008

Credit Unions iin Guatemala are looking for new members, after being in the non-traditional financial market with 800 thousand members for 45 years.

Oswaldo Oliva, national manager of the Credit and Savings Cooperatives of Guatemala (Fenacoac) commented that the cooperatives are hoping to add 1.5 million new members in the next four years.

Number of cooperatives in Panama grows by 20%

September 2008

Eighty-nine new cooperatives, mainly for savings and credits, have been setup in the country so far this year.

This is a 20% growth with regards to 2007, said the Technical Assistance Director of the Panama Institute of Autonomous Cooperatives (Ipacoop), Vielka Avis.

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