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{
    "id": 1476891,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1476891/?format=api",
    "text_counter": 213,
    "type": "speech",
    "speaker_name": "Sen. Omogeni",
    "speaker_title": "",
    "speaker": {
        "id": 13219,
        "legal_name": "Erick Okong'o Mogeni",
        "slug": "erick-okongo-mogeni"
    },
    "content": "Thank you, Madam Temporary Speaker. I first want to thank the sponsor of this Bill, Sen. Mariam Omar, for thinking about the welfare of the farmers and business people of this country. The main beneficiaries of this Bill will not be just members of the Parliamentarians Regulated Non-WDT SACCO (PACOSO), but our farmers, business people and bosses, who have elected us into this House. I want to begin by joining Sen. Cherarkey in giving my hearty congratulations to Sen. Mariam Omar and also to encourage her that she has demonstrated her ability as a very good legislator and sponsor of the Bill. I hope the people of Mandera County have taken note, and in 2027, they will think about her positively. We wish you well. The story that was in The Business Daily today is alarming and misleading, especially on the financial status of PACOSO. PACOSO is one of the strongest cooperative societies that we have in the country and one of the healthiest financially. Any member of Parliament will tell you that if you go to PACOSO, you apply for a loan, you will get that loan in a record two hours. Everybody who is a member here can bear me witness. So, when The Daily Business writes such an alarming story that portrays PACOSO negatively, that is the height of irresponsible journalism, especially from a newspaper that is owned by a respected media house like the Nation . It is regrettable. This matter was discussed today at a very high-level meeting between the leadership of Parliament and the management of PACOSO. I hope once The BusinessDaily gets communication, they will correct the erroneous impression that was created. We all know that our loans in PACOSO are term-based. You cannot get a loan that is beyond your tenure in Parliament, which is normally five years. So, the chances of defaulting are almost close to zero because you must service your SACCO loan and finish it within that period and when you apply, those who approve your loan will take that into account. So, that story is misleading and unnecessarily alarming. I want to appeal to Members of Parliament not to be swayed by that negative coverage, but to continue supporting our strong PACOSO SACCO that has come to the aid of many of us. Even as I speak here, I have rushed to PACOSO and applied for an emergency loan to pay fees for my children. I am not like Sen. Wakili Sigei, who I am told is financially well-endowed and does not need a SACCO. Some of us rely on that SACCO. So, when I saw that story, I was the first person to call the Chairperson, Hon. Makau. I asked him, “What is this that I am reading?” I do not think this is a true The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}