PH, Iran Explore Cooperation in Cooperatives

Philippine Embassy Chargé d’affaires to Iran Roberto G. Manalo (left) met with Iran's new Minister of Cooperatives, Labor, and Social Welfare Mohammad Hadi Zahedi Vafa (right) during the Iranian Cooperatives Exhibition 2022 at the Milad Tower in Tehran City on 03 September 2022. (Tehran PE photo)

TEHRAN 06 September 2022 — Philippine Embassy Chargé d’affaires to Iran Roberto G. Manalo met with Iran's new Minister of Cooperatives, Labor, and Social Welfare Mohammad Hadi Zahedi Vafa during the Iranian Cooperatives Exhibition 2022 at the Milad Tower in Tehran City on 03 September 2022.

Both sides discussed potential areas of cooperation in supporting and strengthening the cooperatives ecosystem in the Philippines and Iran through sharing of best practices, among others.

Minister Vafa mentioned Iran’s experience and the existing regulations in setting up national financing institutions that cater exclusively to the financial needs of cooperatives, the Iranian Cooperatives Development Bank and the Cooperatives Investment Guarantee Fund. The Minister also expressed willingness to share Iran’s expertise on the matter.

Responding to the Minister, Chargé d’affaires Manalo noted how the said national financing institutions cater exclusively to the cooperatives' financial needs, paving the way for said cooperatives to no longer avail of such services at higher transaction costs from the regular commercial banking system. “It is a best practice that the Philippines can replicate,” said Chargé d’affaires Manalo. END

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