CODIS is a cooperative federation wholly owned, capitalized and funded by the members. It shall act as a self-regulating organization mandated to safeguard the deposits of individual members with cooperatives.
Who needs CODIS?
Cooperatives with deposit-taking functions, particularly credit and savings cooperatives that are operating within the territorial boundaries of the Philippines.
Why do cooperatives need CODIS?
Cooperative deposit insurance system is one among the crucial elements that shall strengthen and maintain the health of the Philippine cooperative financial system
Protection of individual members and cooperatives is an important component of the cooperative financial system.
Build members trust and attract more deposits and generate additional membership for cooperatives.
What shall CODIS do?
Provide financial and management advisory assistance to ailing member-cooperatives to prevent failure/closure and establish linkages with financing institutions that can provide financial assistance to distressed member-cooperatives;
Design, develop, enforce and monitor performance of member-cooperatives base on a set of standards of good governance and sound management practices;
Collect member-cooperatives’ annual dues, mandated fees and contributions and manage the funds generated by the cooperative federation;
Undertake rehabilitation/restructuring of failing members and supervise, administer, liquidate and reimburse members’ pre-determined deposits of failed/closed member-cooperatives; and,
Employ any additional action reasonably necessary to achieve its business objectives