Cooperatives On the Rise in Panama

©image: Wikimedia Commons

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.

Source: martesfinanciero.com

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A press release from the Presidency of the Republic reads:

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