The Sustainability and Resiliency of Cooperatives amid Economic Challenges

Abstract

This research looked at how cooperatives maintain their sustainability and resiliency in the face of economic challenges. The questionnaire checklist was used as the data collection instrument in a descriptive research design. Respondents in this study were officers from selected cooperatives in Talavera, Nueva Ecija. The majority of them are multipurpose cooperatives that conduct credit operations. Five cooperatives have been in operation for more than ten years, with the majority of them being small businesses (asset sizes are between three million and fifteen million pesos). Despite the pandemic, they all earned in 2021, according to the respondents. According to the survey results, business diversification is very effective in maintaining cooperative standing in the face of economic challenges. The survey also revealed that cooperatives are self-sustaining, as almost all respondents did not face the severe problems that most businesses face, such as closure and employee reductions. The majority of them have adapted to the new normal work setup. It is recommended that cooperatives expand and improve their services in order to provide immediate and timely information and assistance to members in order for them to operate and survive any economic challenges that may arise. Cooperatives should also develop a Business Continuity Plan and diversify their businesses rather than concentrating on a single one.