Newscoop earns P1M in 2012

FOR the first time in its 17 years of existence, the Cebu News Workers Multi-Purpose Cooperative (Cebu Newscoop) posted a profit of P1 million for fiscal year 2012.

Newscoop chairman Elias O. Baquero said the income, which was posted last Dec. 31, was 29.47 percent higher than that of 2011.

Baquero, who is in his second term as Newscoop chief policy-maker, said the revenue
came from interests from loans, service and filing fees, penalties and surcharges, membership fees, interest from investments and miscellaneous.

This “all-time high” income since Newscoop was founded in 1996 was the result of good policies formulated by the board of directors and good management. Another factor was the reduction of expenses by 14.81 percent despite the increased cost in trainings and seminars for directors and officers.

Newscoop manager Evelyn Sarsale is an accountant.

The other members of the board of directors are Oscar C. Pineda, Joseph Elvir C. Tubilan and Luz Cuyos, all of Sun.Star Cebu; and Frederick P. Languido, John Rey Saavedra, Flor Z. Perolina, Liv G. Campo, Gabriel Malagar, Gregorio Rubio and vice chair Marlinda Angbetic Tan, all of The Freeman.

Due to the increase in income, Baquero said members are expected to receive an increase in their dividends, which will be given during the general assembly in April.

The amount of dividend a member receives, though, will depend on his share capital.

According to Baquero, Newscoop operates like a bank, but unlike regular banks, which are under the Bangko Sentral ng Pilipinas, Newscoop is under the Cooperative Development Authority (CDA) of the government.

Application for quick loans below P25,000 is processed and released within 24 hours.