Cooperative bank soon to rise in Zambo

THE Banco Cooperativa de Zamboanga will soon rise at a government lot inside the Sta. Cruz Commercial Complex, 19 years after it was conceived by the 15 multi-purpose cooperatives in Zamboanga City.

Mayor Celso Lobregat led Monday the City Government officials in forging a usufruct agreement allowing the cooperative bank to use the city-owned 200 square meters lot inside the Sta. Cruz Commercial Complex for a period of 25 years and renewable for another 25 years.

The Bangko Sentral ng Pilipinas (BSP) formally approved on November 25, 2010 the proposal of the 15 multi-purpose cooperatives in Zamboanga City to establish a bank devoted to serve the banking needs of the cooperative sector.

The groundbreaking for the construction of the Banco Cooperativa de Zamboanga is set in two weeks.

Lobregat was elated that after more than a decade, the proposed cooperative bank will be finally realized. He reaffirmed his all out support to the bank.

He said the City Government since the time of his late mother Mayor Maria Clara Lobregat has supported the proposal of the bank's incorporators.

"During the time of my mother as mayor and I as congressman, the incorporators have already approached the City Government for help. We lobbied against the ban and moratorium in the creation of banks and my mother committed to the incorporators the use of the city-owned lot through a usufruct agreement," he said.

The officers, board of directors and cooperators of the Banco Cooperativa de Zamboanga have expressed appreciation to Lobregat, the City Government and Salazar for the all-out support and assistance that helped realize the project.

The incorporators have an equity of over P11 million.