Bank of Commerce turns over 6,000 ATM cards to coop
-A A +ASunday, February 12, 2012
THE Bank of Commerce (BOC) Lapasan branch in Cagayan de Oro City turned over Thursday 6,000 automated teller machine (ATM) cards to the Del Monte Agrarian Reform Beneficiary Cooperative (DEARBC).
Emma Lim Lo Suy, BOC’S area head for Mindanao, said the bank’s management was overwhelmed by the number of accounts it catered so far in its tie-up ventures with local groups.
“After a long seven months of preparation, we are happy we did it. We just hope for a long and lasting relationship between DEARBC and the Bank of Commerce,” said Suy during their meeting at the Del Monte Club House in Camp Philips, Bukidnon.
She said BOC used to cater automated transactions with other groups having lesser membership, and “this is actually the pilot project of the BOC to service such number of accounts.”
She added DEARBC officials and members can now start doing business with the BOC via electronic transaction anytime and anywhere.
Chito Garcia, division head, branch banking countryside division of the BOC, said “it’s a milestone of the bank” to have such partnership with the DEARBC.
“For the past eight years since 2004, the bank grows bigger and better. It gives convenience on withdrawals of dividends and cash allowances of the DEARBC.”
DEARBC president and chairman Dennis Mijares expressed optimism of getting positive response from the group set to experience an easy and simple way of transacting with the bank through the ATM.
Under the terms of the Payment Crediting Servicing Agreement signed by BOC with DEARBC in November last year, the bank would provide the entire coop’s member-beneficiaries with ATM cards, said Marisol M. Tan, branch head.
“This will enable them to withdraw their dividends and other cash allowances anytime from an ATM machine provided by the bank at DEARBC head office in Camp Philllips, Manolo Fortich, Bukidnon. As our president Sergio D. Edeza says, it’s all about the client’s convenience and a promise to take care of them through service because service is our business,” Tan said.
DEARBC was organized on December 1, 1988 through Republic Act 6657 (Comprehensive Agrarian Reform Law), with regular employees of Del Monte Philippines Inc. (DMPI) as its beneficiaries.
Through a soft loan from the Land Bank of the Philippines, it acquired over 8,000 hectares of government lands owned by the National Development Corporation (NDC) with the late President Corazon C. Aquino turning over the Certificate of Land Ownership Award (CLOA) on December 12, 1988.
On April 1991, it was registered with the CDA and has a present membership of 9,085 members. As of yearend 2009, it had total assets of P326 million with P51.6 million members’ equity reserve. It registered land rental income of P82.2 million for the period, and members’ share in the net surplus rose to P8,367.06.
Besides rental income from its 8,359 hectares of land rented out to DMPI, DEARBC also operates a 300-hectare tree plantation, 54 hectares of farms planted to papaya, corn, cassava and pineapple.
It has also ventured into non-agricultural commercial enterprises notably the DEARBC Homes, a 506-unit residential subdivision in Damilag, Bukidon and similar 340-unit subdivision in Tagoloan, Misamis Oriental, commercial buildings in Damilag and Bugo, cable television network and internet cafe, water refilling station, various equipment and transportation rentals, and domestic and international ticketing office.
It is affiliated with the Bukidnon Union of Cooperatives, Regional Cooperative Union, Centralized Coop Financial System, Cooperative Union of the Philippines, Philippine Federation of Women in Coops and Cooperative Insurance System.
Members’ benefits include housing, member’s share in net surplus, discounted rates on CATV subscription, CATV patronage refund, CATV payments through Member’s Share in Net Surplus, scholarships for members’ dependents, and death benefits for members, spouses and dependents.
Bank of Commerce was established in 1991 and is a part of the San Miguel Group of Companies. As of the first half of 2011, it had 122 branches nationwide. As of December 31, 2010, it listed total assets of P105.894 billion, deposits of P87.188 billion, net loans of P35.873, and net income after income tax of P1.813.
The bank offers a wide range of banking and other financial products and services, including traditional deposit products, corporate banking, consumer banking, treasury, asset management, trust services, trade, and credit card services.
Published in the Sun.Star Cagayan de Oro newspaper on February 13, 2012.
Business
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