THE Filipino communities in the Kingdom of Saudi Arabia were focused in its social affairs for the past decade. As they were stocked up in their much needed employment for over two decades unexpectedly, Filipinos started to be financially aware of the fact that their income two decades ago are no longer proportionate to their present income due to the escalation of the standard of living in the Kingdom. Filipino communities are now transforming their social activities to the economic empowerment, thus a federation of Filipino Cooperatives and Savings Associations based in Riyadh, Saudi Arabia was formed under the auspices of the Philippine Embassy.

     The federation with its acronym FILCOSA was inspired by Labor Attaché Resty Dela Fuente with its vision “To establish a Federation of Cooperatives and Savings Associations operating in the Kingdom of Saudi Arabia under the auspices of the Philippine Embassy, unified by a common aspiration of promoting principles of cooperative guided and driven by self-reliance, mutual assistance, democracy, justice and nationalism.” The missions are 1.) To instill cooperativism as a way of life of member cooperatives and savings associations, 2.) To act as a catalyst and unifying force in the promotion, development and cooperation of cooperatives and savings associations and 3.) To seek ways and means of achieving self-reliance, integration and mutual assistance among member-cooperatives and savings associations.

     There are 8 founding members under FILCOSA, 1.) the Pilipino Expatriates Making a Name (Pexman) Multi-Purpose Cooperative, 2.) Bulakenyo Abroad Global Organization (BAGO) Credit Cooperative, 3.) Bagong Bayani Multi-purpose Cooperative (BBMC), 4.) Kapatiran Sa Kasaganaan Service and Multi-purpose  (KSKSMP) Cooperative, 5.) United OFW International Multi-purpose Cooperative, 6.) Maranao Overseas Savings Cooperative (MOSCOOP), 7.) Overseas Engineering Cooperative (OEC-Saudi Oger), and 8.) Samahan ng Manggagawang Filipino – Al-Babtain Group (SAMAFIL-ABG).  
 
     The  officers and representatives of the founding members of Filcosa are determined to achieve its goal. Among them are 1.) To promote and develop cooperative values and ideals among member-cooperatives and savings associations, 2.) To strengthen member-cooperatives and savings associations by ensuring their management effectiveness and accountability through programs and services, 3.) To promote the organization, development and integration of cooperatives and savings associations, 4.) To assist member cooperatives and savings associations in the development of programs and projects that will enable members to become independent and productive, and 5.) To enhance the economic viability of member-cooperatives and savings associations.
 
     Sometime in April, the officers of FILCOSA were inducted by His Excellency Ambassador  Antonio Villamor at Peking Restaurant. The respective representatives of these cooperatives and savings associations who were elected officers of FILCOSA and was inducted by the Ambassador were Mr. Pete Vicuna of Pexman-MPC as Chairperson, Mr. Nap De Guzman of KSKSMPC as Vice-Chairperson, Mr. Dan Velasco of BAGO-CC as Secretary, Engr. Robert Ramos of SAMAFIL-ABG as Treasurer, Mr. Elmer Geronilla of BBMC as Auditor, Arch. Herbert Bernal of OEC-Saudi Oger and Engr. Frank Naval, Vice-Chairman of the Board of United OFW IMPC, who represented the Chairman Engr. Elmer Aquino, as the Public Relations Officers of the Federation.
     FILCOSA, as the new federation of cooperatives and savings association, offers attractive benefits to its regular member-cooperatives and savings association: Members in Good Standing can avail of the following benefits in accordance with the guidelines set up by the Executive Committee:
1.) A member shall be given priority to access and avail services of the federation, such as but not limited to the following: a) financial support, grants, subsidy, loans and beneficiaries of profit sharing of the financial activities and program of the federation; b) recipient of the distribution of goods procured in bulk and the common services offered by the federation, and c)        avail free education, special training and advisory works to all officers of the member cooperatives and savings associations.
 
2.) In situations where banking requirements does not allow or forbids a member cooperative or savings association to be legally recognized, the Federation shall mediate and/or guarantee the transactions of the later, and in some other possible ways act as the depository bank of the  regular member under the auspices of the Philippine Embassy. The guidelines and other rules thereof shall be formulated by the Executive Committee upon proper consultation of the host bank and the Philippine Embassy.
 
3.) A regular member shall be given priority to the acquisition of properties for disposal, buy-out of operational businesses and bonds or other negotiable documents of other regular members of the Federation.
 
4.) Imposed sanctions on individual creditors, group creditors, organizations, associations, suppliers, companies and other institutions for any grievous offense on any regular member of the Federation after such offense has been proven to be  legitimate by a Fact Finding Committee as created and approved by the Executive Committee.
 
5.)        The Federation shall provide group representation with all concerned governmental institutions like the Phil. Congress/Senate, Bureau of Customs, Bureau of Internal Revenue, CDA, Central Bank, SEC, for legal matters  related to the economic enhancement of  all over-seas cooperatives and savings associations.  The Federation shall provide Guidance in the preparation of Financial and Administration reports as required by governmental agencies (BIR, CDA). 6.) Assistance in the preparation of feasibility studies, financial portfolios, and other management tools for making business decisions. And Lastly 7.) Direct participation in any business enterprise both in the Kingdom of Saudi and the Philippines initiated by the Federation.
 
     Filcosa is expected to be the backbone of unity of OFWs towards their struggle for the economic empowerment. Eventually, after qualifying as secondary cooperative, Filcosa is expected to expand its domicile and satellite networks from different parts of the world under the auspices of their respective Philippine Embassies and Philippine Overseas Labor Offices. The financial potentials and self-reliance of OFWs as a highly-financed sector around the world has been conceived and shall continuously be explored by Filcosa under the guidance of the Philippine Embassies and Philippine Overseas Labor Offices.

 

 

 

 

 

 

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