PROPOSALS for a Cooperative Banking Act in the Senate have been rejected by the Department of Finance (DoF) despite receiving backing from the central bank and other stakeholders.

At a public hearing of the Senate Committee on Banks, Financial Institutions and Currencies and Ways and Means on Wednesday, Sen. Juan Miguel "Migz" Zubiri introduced Senate Bills 1215 and 2392 on Cooperative Banking Act, which aim to enhance cooperative banks.

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