|
Wednesday, October 08, 2003
PLDT coop places P3M in fund for Ormoc group
By Cherry T. Lim
THE Visayas Cooperative Central Fund Federation (Victo-VCF), a finance federation of 170 cooperatives in the Visayas, yesterday signed an agreement with its member-cooperative, the Telecommunication Employees Multi-Purpose Cooperative (Telemco), for the placement of P3 million in a fund that would benefit another member-cooperative.
Betta Socorro Salera, manager of Victo-VCF, said Telemco, a cooperative composed of 907 Philippine Long Distance Telephone Co. (PLDT) employees from all over the country, would place P3 million in the federation’s newly designed Opmax Fund Placement facility, which would benefit a specific member-cooperative, the Metro Ormoc Community Multi-Purpose Cooperative (OCCCI).
During the contract signing at the PLDT office on Jones Ave., Cebu City, Telemco chairman Al Povadora called the deal a “milestone in Telemco cooperativism.”
He said Telemco accepted the call of Victo-VCF for the placement of its surplus cash in the Opmax in order to help a brother cooperative in need of short-term funds.
OCCCI general manager Jose Mosquite explained that the Ormoc-based coope-rative’s expansion to four branches had resulted in a surge of demand for liquidity, which OCCCI could not provide from its own internally generated funds, leading him to seek assistance from Victo-VCF.
Mosquite said most of the P3 million would be used for a credit line system for small and medium enterprises who need short-term loans.
Salera said Victo-VCF designed the Opmax late last year to “optimize the earnings of the owners of the fund and to maximize the benefits to users of the fund.”
The P3-million placement will be good for 90 days. For the placement, Telemco will earn interest at a rate higher than what it is now getting from the time-deposit placement of its other funds in a bank.
VCF is a network of Victo-affiliated cooperatives. It is based in Cebu City. VCF began providing services in 1978 when it was still a department of the Visayas Cooperative Development Center (Victo), Salera said.
On the other hand, the Cebu-based Telemco, is one of the three cooperatives of PLDT, said Povadora. It has P49 million in assets.
According to Telemco manager Reylan Castillo, about 400 to 500 of Telemco’s 907 members are from Cebu province.
(October 8, 2003 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here.
|
|
[ return
to top ]
[ home
]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
