Tagum Coop posts 20% growth in 2013-A A +A
Monday, March 10, 2014
TAGUM Cooperative reported a 20 percent growth in its financial performance for 2013 in terms of assets, share capital, deposits, loan portfolio, and net surplus.
The cooperative reported a 24.28 percent or equivalent to P440-million increase in its assets last year. Assets reached P2.25 billion in 2013 from the P1.81 billion in 2012.
The cooperative's share capital grew by 20.85 percent, from P625 million in 2012 to P755 million in 2013. Savings deposits grew by P844 million or 24.47 percent, bringing the cooperative's savings deposits to P1.05 billion in 2013 from P844 million in 2012.
Last year, the cooperative also released P325 million more loans, improving its loan portfolio by 23.38 percent. This increased the cooperative's loan portfolio from P1.39 billion in December 2012 to P1.72 billion in 2013.
The cooperative also reported a 19 percent or around P32 million increase in their net surplus, from P168 million in 2012 to P200.7 million in 2013.
Tagum Cooperative officer-in-charge and general manager Juris Perez, in a statement, said despite the challenges the cooperative experienced brought by Typhoon Pablo, they were able to perform well.
Tagum Cooperative chairperson of the board Miriam Baloyo, speaking in Monday's edition of Davao Press Club's Kapehan sa Dabaw at SM City Davao, said that 10 percent to 15 percent of their members were affected by Typhoon Pablo.
Baloyo attributed the cooperative's good performance to the management system in place.
"We have a target set for each of our business lines -- savings and credit, member benefit and assistance, and funeral care -- and every month we discuss with the managers of each business lines to discuss on how to reach the performance we have targeted. We review our performances every month and discuss how to achieve our desired performance," she said.
Aside from the strong growth in financial performance, the cooperative also reported a growth in registered members. In 2013, the cooperative marked an additional 16,429 new members or a 10.7 percent growth from 83,378 members in 2012 to 99,807 in 2013.
Boloyo also bared their expansion plan for 2014.
"In our five-year strategy plan, which will end in 2015, we plan to establish one branch every year. This year we will be putting up a branch in San Francisco, Agusan del Sur," she said.
Published in the Sun.Star Davao newspaper on March 11, 2014.