Philippine Cooperative Code of 2008, as Amended, Republic Act No. 9520

Cooperatives are autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs through equitable contributions to a capital, patronizing their own products and services, and accepting a fair share of the risks and benefits thereof. 

The Act enumerates the following:

• Cooperative principles
• Accepted purposes for which cooperatives may be organized and registered
• Objectives and goals of a cooperative
• Powers and capacities of cooperatives
• Cooperatives are to be administered
• Responsibilities, rights and privileges of cooperatives, among others

The primary objective of the cooperative must be to help improve the quality of life of its members. The classification, types and categories of cooperatives were also enumerated in the Act.