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PH Embassy Explores “Cooperation in Cooperatives” with Iran’s Newly Appointed Labor Minister

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Tehran PE Chargé d’affaires 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, and discussed potential areas of cooperation in supporting and strengthening the cooperatives ecosystem in the Philippines and Iran through sharing of best practices, among others. In particular, Minister Vafa mentioned Iran’s experience and 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), which the Philippines may be interested to replicate. "Iran can share our expertise on this with the Philippines," stated Minister Vafa. “Said institutions cater exclusively to the cooperatives' financial needs, thus it is not necessary for them to avail of such services at higher transaction costs from the regular commercial banking system and this a best practice that the Philippines can replicate,” CDA Manalo said in his reply to Minister Vafa. (Photo by Tehran PE)

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