Saturday, March 22, 2008
Tuesday, March 18, 2008
Monday, March 17, 2008
We realized a net surplus of P144 million, representing an increase of 22% over last year’s P118 million. This, despite recognizing P39.7 million for additional allowance for probable losses on our loans released and not attaining our loan target for 2007. This provision also makes us compliant with international standards for loan loss provisions.
Our total cash as of year end amounted to P 387.95 million, or 16% of our total resources, higher than last year’s 13%. We have sought more attractive rates for these excess funds since we need better returns than the 4-5% on time deposit offered by banks but to no avail since we offer up to 6.5% interest for time deposits, 4% for savings, 8% for retirement savings and up to 10.75% for interest in share capital, yet only charge 9% for loans.
Our share capital to total assets ratio increased to 38%, or 7% higher compared to 2006. Our statutory fund to total asset ratio also rose 6.2%, compared to 5.8% for the previous year. Our statutory funds fully funded our total property and equipment. Equity increased 24% to P 176 million compared to last year. These figures reflect FICCO’s self-sustaining capability over the long-term.
Our total resources increased 30% or P 480 million from P 1.92 billion to P 2.40 billion by year end. This increase was sourced from loans to members and their deposits in savings and share capital. Our total number of members increased 16% to 103,854 from 89,307 in 2006, making us the biggest cooperative in the country in terms of membership.
Based on the aforementioned figures, the FICCO Board of Directors has declared a modest 10.75% rate on Interest on Share Capital and 9.25% rate on Patronage Refunds. These are higher compared to last year’s figures of 10.50% and 9.0%, respectively. These are also higher than most commercial banks in the country have declared for the same period.
Our loan releases for 2006 has been pegged at P 2.52 billion, which we deem sufficient to make a big difference in the livelihood and daily sustenance of our cooperative members as well as trickle down to spark further economic activity in the rest of the region.
Other significant accomplishments
Besides the financial aspects of our accomplishments last year, we are also proud to share with you the following which have complemented FICCO’s growth for the period:
Branches and Business Centers
· We have opened three new branches in the following areas:
o Maranding, Lanao del Norte; and
o Bayugan, Agusan del Sur
· We are planning to add several more branches and business centers in various areas of
Human Resource Development
· Appointed three (3) new branch managers in connection with the opening of additional branches.
· The Board of Directors approved the creation of the position of Chief Executive Officer (CEO) and three (3) Regional Managers.
· Through a General Assembly Resolution, MOCB has been renamed “First Community Cooperative Bank” pending approval of the Bangko Sentral ng Pilipinas (BSP).
Cooperative Bank of
· As a result of this, FICCO now sits as a member of the CBDS Board of Directors and now exercises control over the bank’s operation.
o Added Funeral Services and Mutual Benefit Association as part of its primary purpose.
as of December 31, 2007
Despite the unsuccessful conclusion of our bid for a more direct and active participation in our political system as a party list, we shall keep pursuing our dream. We have been a positive agent of change through social, economic and cultural initiatives through the cooperative ideal and its principles, and we shall continue to pursue this ideal and principles in the spirit of cooperativism.
For the Board of Directors and Management
Atty. PROCULO T. SARMEN
FICCO has never been an overnight sensation. Neither was it built nor created by just one individual. It is a collective accumulation of cycles of transition, discovery, hard work and more importantly, collective effort. Great leaders, committed volunteers, diligent staff and supportive members comprise the FICCO Team in striving to reach out and attain its vision and mission.
The journey to success is long and arduous. But the forerunners of this cooperative kept their minds towards achieving the dream of SERVICE, EMPOWERMENT, AND UPLIFTMENT.
Through over 50 years of service, FICCO's philosophy of self and mutual help has been demonstrated by its owners-members in terms of money saved, money borrowed and money paid back.
Our three business pillars of growth, i.e., Credit, Insurance through the FICCO Mutual Benefit Association and Funeral Service, are now being pursued to address the ever changing times and hurdle the identified needs of our members.
At present, we have twenty seven (27) business centers strategically located to cater to members' needs and we plan to put up more in the future. We took bold steps to undertake revolutionary services that will forever change the face of the cooperative movement in the
Our aim is not only to become the biggest cooperative in the entire country, but also to become the most dynamic and proactive cooperative that will cause a ripple effect towards good governance, stability and sustainability.
Fellow cooperators, let us be one in solidarity to promote cooperativism and blaze that trail for others to emulate. We remain the Philippine industry's No. 1 and biggest open-community type multi-purpose cooperative, and we expect to sustain this with our Volunteer Leadership and Spirit of Cooperativism.
(Sgd.) PROCULO T. SARMEN
Tuesday, March 11, 2008
Today marks another milestone for the history of FICCO to conduct the first General Assembly of the FICCO Mutual Benefit Association (MBA). If we recall last August 23, 2007 the SEC approved the registration of FICCO MBA and subsequently got its licensed from the Insurance Commission last November 8 of the same year.
With this new segment to provide a total member care by increasing the percentage of insured individuals, FICCO is optimistic in its outlook to elevate the cooperative movement to a higher level. The FICCO MBA is slowly gaining acceptance in the general membership of FICCO and for a short stint of almost 3 months to operate in the year 2007 we have the following data for the FICCO MBA’s Financial Status:
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2 0 0 7
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(Almost 3 mos.)
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Total Membership Fee
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The forthcoming 2008 operation remains promising for the FICCO MBA operation as we targeted 33,000 additional members and a Gross Income of P 29.129 Million at the end of the year.
The growth and responsiveness of the program is the basic prerequisites of determining its pricing, thus, members support plays a pivotal role in the success and mainstreaming FICCO MBA to the general membership.
As it is the written mandate of the FICCO MBA to carry out the objectives for which it was created, early judgment from the few has no room when nothing has been seen wrong about it yet. It is the Board’s desire to convey to the members that this is another chance of FICCO to make a difference in the place where we operate thus let us optimize and seize the opportunity.