TABUK CITY, Kalinga – Proving that cooperatives in the city are thriving and performing well despite the economic setbacks brought about by the pandemic, another cooperative in the city have reached the large cooperative level having recorded a total asset of P100,393,606.00.
The Holy Trinity Cathedral Multipurpose Cooperative (HTCMPC), which is exclusively for Anglican members of the Holy Trinity Cathedral established in 2007 joins the elite group of other large cooperatives in the city such as the Tabuk Multipurpose Cooperative (TAMPCO), Tabuk Farmers Multipurpose Cooperative (TAFAMULCO), St. Thomas Credit Cooperative (STCC), Provincial Engineering Office Personnel Multi-Purpose Cooperative (PEOPMPC), and BIBAK Multi-Purpose Cooperative.
According to manager Graciana Tombaga, HTCMPC’s category was upgraded because of its continuous capital build-up that resulted to the increase in total share capital of members to at P36,136,612.00 now.
Tombaga also noted an increase of deposit, loan from financial institutions and increase in net surplus, as other factors that helped the cooperative become bigger and better.
Currently, HTCMPC is providing services like credit/lending, cooperative banking or deposit, loading and retailer, money transfer, education and training program, and community program.
According to Engr. Ryan Jose, Cooperative Development Specialist II of the City Cooperatives Enterprise Development Office (CCEDO), despite the crisis brought by the COVID 19 pandemic, the HTCMPC managed to have 2.78% delinquency rate. This is considering that the soft loans to members was increased from P50,000.00 to P100,000.00 and the regular loan from P1.3M to P2M.
Believing that the cooperative’s main priority is the concern for its members, and not for profit only, the cooperative has lowered its interest rate on loans from 12% to 10% per annum.
Jose also said that one of the best practices of the HTCMPC is the yearly allocation of 10 percent of its net surplus in support to the church and the church-based organizations. As to its social relevance, it is sharing the blessings attained by the cooperative to the community by supporting the schools and church needs and by thru the CCEDO donation which was given in to support to the needs of the frontliners. By Darwin S. Serion
