Panamanian Cooperatives Increase Profits by 50%

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

Wednesday, May 27, 2009

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. The cooperative benefits have a different impact than those achieved in a company or bank because profits revert to cooperative members."

More on this topic

New Law on Cooperatives in Honduras

August 2013

The reform of 47 articles of the old Law on Cooperatives and the addition of another 14 has been agreed to by the Honduran cooperative movement.

An article in reports that the nationalist deputy Rolando Dubón Bueso noted that "cooperatives favor the development of a democratic economy which is people-centered, and which cares for the environment while promoting economic growth, social justice and a fair form of globalization. "

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.

Cooperatives On the Rise in Panama

November 2010

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

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.

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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