Biggest RP coop releases P13.1-B loans in five years in Mindanao

Biggest RP coop releases P13.1-B loans in five years in Mindanao

DAVAO CITY, March 11 (PNA) - The First Community Cooperative (FICCO), now considered as the biggest community cooperative in the country, has already released a total of P13.1 billion in five years in Mindanao alone.

FICCO Mindanao chairman Isagani B. Daba, in his message during the recently-concluded FICCO 55th Annual General Assembly over the weekend held in this city, said the cooperative has a total asset of P3.68 billion, deposits of P1.6 billion and common shares of P1.32 billion with a total membership of 129,493 at the end of 2009.

Daba said the cooperative has provided some P3.5 billion in loans in 2009 alone, while the total loans released for the last five years amounted to about P13.1 billion in Mindanao region.

With about 16 branches and business centers all over Mindanao, Daba emphasized that “FICCO keeps on growing stronger because of the members’ trust and confidence on its management, while we develop culture that focuses on quality service, good governance, sacrifice, volunteerism, and efficiency."

In respond to government’s call to provide assistance to the needy, FICCO offers many opportunities to its members by way of helping them in their daily needs, provide financial assistance in making members’ businesses grow with emphasis on unity and helping among each other, he said.

FICCO has established Mutual Benefit Association (MBA) in respond to government initiatives in pushing micro-insurance to help the poor mitigate risks.

It has generated a total premium of P50.6 million in 2009, up to 92 percent from the previous year’s P26.1 million.

One of the proposed resolutions which were approved during the General Assembly was that FICCO can now engage in real estate projects, in buying lots in strategic locations to be developed for commercial spaces or for condominiums.

Meanwhile, FICCO branch manager Ellen Dizon said FICCO has now taken over the Filipino Merchants Cooperative (FMCoop) management for purposes of helping the coop.

Dizon is calling on FMCoop members to coordinate with FICCO branch office located at Anda Street this city to update their membership. (PNA)
LDV/RBP/lvp

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