Friday, April 26, 2019

Coop to sustain high fiscal feat

TAGUM CITY -- Homegrown billionaire Tagum Cooperative is working its way to sustain exceptional financial performance while empowering its members to achieve economic upliftment.

Newly-installed chair of the Board of Directors, Miriam R. Baloyo has vowed this will be given focus by the cooperative which is turning 46 this year.

In her acceptance speech during the recent turning-over ceremony, Baloyo stressed the importance of achieving for its members "economic growth in the same pace as Tagum Cooperative grows."

She noted that the Savings and Credit with Education (SCWE) "Partner sa Kabuhayan" store set up in February at Tagum City Public Market, heaped a sale of P52,000 in just 17 days, a manifestation that Tagum Cooperative "can become an agent of income generation."

“We can help the marginalized and disadvantaged sector of our society. We can develop products and services that will empower them, as well as promote self-reliance and self-improvement,” she said.

She hopes to equal or surpass the 2012 performance of the cooperative while expressing high confidence that its culture of excellence can still result in "higher bar of achievement."

Last year, the cooperative expanded its general membership by 24.45 percent from 66,868 to 83,378. Its assets ballooned by 25.3 percent from P1.4 billion to P1.8 billion; share capital swelled by 37.23 percent from P455 million to P618 million; deposits grew by 21.71 percent from P708 million to P862 million; loan portfolio increased by 26.92 percent from P1.1 billion to P1.4 billion; and its net surplus remarkably soared by 65.61 percent from P102 million to P168 million while its delinquency rate sustained a downward trend of 8.3 percent from 8.38 percent.

The cooperative also heightened savings consciousness among children and youth members through expanding the Aflatoun Program to 16 new sites, bringing to a total of 29 Aflatoun accredited schools in the Davao Region, with a total membership of 10,148 as of December, 2012.

In tie up with the Department of Education-Davao Region, Tagum Cooperative has rolled out the Aflatoun Program in seven public elementary schools under Tagum City Schools Division; nine under Davao del Norte Schools Division; seven under Compostela Valley Schools Division; and six under Davao City Schools Division.

The cooperative also strengthened its youth program through opening the Youth Development and Succession Center (YDSC) at its main building in Tagum City, designed to handle the Youth Laboratory Cooperative aside from the Aflatoun Program.

Tagum Cooperative put importance on its youth savers group as it clustered 30,855 members that made up 37 percent of the general membership, contributing a substantial savings share of P35.49 million as of end of 2012. (PR)
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