BRIEFS: Economy

Number of cooperatives increases 20 percent

There have been 89 cooperatives, mainly savings and loans, that have been created so far this year, a 20 percent increase.

The increase brings the total number of cooperatives registered in the country to 427, according to the Asistencia Técnica del Instituto Panameño Autónomo Cooperativo (Ipacoop) Director Vielka Avis. These cooperatives have 202,874 members.

“There are some 45 youth cooperatives that have been formed in schools with the intent to teach their members about the cooperative philosophy and how to implement small-scale activities that generating income,” Avis said.

Cooperatives have proved especially popular among artisans in indigenous areas, who have found that they are better able to market their products by working together.

The government is also working toward helping farmers form cooperatives to boost the country’s agricultural sector.