Photo from Unsplash | Jonathan Cooper
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of a lawyer or you may directly contact and consult Alburo Alburo and Associates Law Offices to address your specific legal concerns, if there is any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
AT A GLANCE:
“Credit Union Week is celebrated every third week of October of every year” (Proclamation No. 619, s. 1969)
The law says:
“DECLARING THE THIRD WEEK OF OCTOBER OF EVERY YEAR AS CREDIT UNION WEEK
WHEREAS, Credit Unions, as voluntary associations, provide a means where people may pool their resources together for mutual assistance in satisfying the need for savings and credit facilities;
WHEREAS, Credit Unions combat usury as they encourage THRIFT and generate MASS SAVINGS; and
WHEREAS, Credit Unions enhance the dignity of man, strengthen his spirit of self-reliance, and educate him for better citizenship, as an individual and in his role in society and group undertakings;
The Cooperatives Administration Office of the Department of Commerce and Industry shall, in collaboration with the national and provincial federations of credit and other cooperative unions, initiate such activities and programs within the week to bring to the attention of the people the importance and role of CREDIT UNIONS in the socio-economic life of the nation.” (Proclamation No. 619, s. 1969)
Credit unions play a crucial role in community development, serving as a cornerstone for promoting both financial inclusivity and economic self-sufficiency. Their establishment aligns seamlessly with government policies aimed at advancing financial inclusion and overall economic progress. By offering essential financial services to a broader cross-section of society, credit unions actively contribute to achieving national economic objectives.
Through credit unions, individuals, particularly those in underserved and marginalized communities, gain access to a diverse range of financial services that may not be readily accessible through traditional banking channels. Furthermore, credit unions serve as a significant asset in upholding a steady and healthy economy for all, with a particular emphasis on supporting the underprivileged.
Read also: Cooperative and its Powers
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding taxation and taxpayer’s remedies, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
All rights reserved.