Newscoop assets up by P4.5M

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Tuesday, April 22, 2014


THE Cebu News Workers Multi-Purpose Cooperative (Cebu Newscoop) will hold its general assembly and election of directors and officers on April 26 at the Marcelo Fernan Press Center, Sitio Sudlon, Lahug, Cebu City.

Chairman Elias O. Baquero said that for the first time since Cebu Newcoop was organized in 1996, the coop’s assets increased by P4.5 million in 2013.

This means that from P14 million on Dec. 31, 2012, the assets have amplified to P18.5 million on Dec. 31, 2013, or an increase by P4.5 million.

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The P4.5 million growth in only 12 months is unprecedented and an all-time high in the coop’s 18 years of existence.

The assets of Cebu Newscoop was more than P11 million when Baquero and his board of directors (BOD) took over the leadership in 2011.

The board is composed of Baquero as chair, Marlinda Angbetic as vice chair, and Frederick Languido, Oscar Pineda, Gabriel Malagar, Liv Campo, Flor Perolina, Malou
Guanzon, Luz Cuyos, Gregg Rubio and Joseph Tubilan as directors.

Baquero said there are many “firsts” that Cebu Newscoop experienced since 2011.

In 2012, Cebu Newscoop earned P1.09 million net income for the first time; the following year, the coop earned a net income (gross income minus expenses) of P1.2 million.

It was also the first time in 2011 when Cebu Newscoop began giving out burial assistance–P17,000 to a member and P8,500 for a member’s dependent.

The assistance was increased last year to P30,000 for a member and P15,000 for a
dependent.

It was also the first time under Baquero’s chairmanship that Cebu Newscoop gave financial assistance of P3,000 each to members who are victims of calamities like earthquake, flood and fire.

Baquero said there are several factors that contributed to Cebu Newscoop’s earnings despite the fact that the cooperative is a “close type” or exclusive for the members of the media and associates from related media groups.

One is the strong set of BOD that lays down the policy direction of the cooperative.

The board plans, reviews and approves products and services that Cebu Newscoop offers.

The BOD members are also knowledgeable about cooperativism having attended the series of seminars on modules required by the Cooperative Development Authority (CDA).

The second factor is the good management staff headed by manager Evelyn Sarsale, an accountant.

Since the coop’s main product is loan, Baquero also commended the collective banking skills of loan officer Leonardo Ubod, staff accountant Josephine Estenzo, administrative/finance staff Lovely Mandaguit and collector Fernando Arellano from loan processing to collection of amortizations.

The third factor is the cooperation of the members, especially in borrowing and paying their obligations.

The fourth factor is the quick processing of loan applications and other transactions.

It has been the commitment of Baquero to ensure that loan applications shall be released at least four hours from the time it is filed to a maximum of 48 hours depending on the availability of the signatories.

Cebu Newscoop was also granted a certificate of good standing by the CDA. The certificate was signed by Atty. Alexander Patac, officer-in-charge of CDA 7 Cebu Extension Office.

This means that the CDA, which is the regulatory body of all cooperatives in the country, has examined, reviewed and evaluated all the coop’s documents and found out that it has followed all the government regulations.

Baquero said Newscoop has five objectives: to guarantee financial leadership and improve returns of members, to develop and expand loyal and active members in Cebu and beyond, to provide efficient delivery of services and allied products, to provide relevant learning experiences on financial literacy to all members, and to form partnerships and linkages with public and private sector entities that will advance its advocacy.

The coop has new logo that was approved by the board last February. The logo has five arms holding altogether. The five arms represent Sun.Star Cebu, The Freeman, Cebu Daily News, the broadcast industry and the associate members.

Published in the Sun.Star Cebu newspaper on April 23, 2014.

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