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."

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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.

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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.

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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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