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Tuesday, March 11, 2008

FICCO MBA Board of Trustee Report

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:


2 0 0 7

(Almost 3 mos.)

MBA enrollees

7,623

Total Membership Fee

P 715,260

Membership contribution

P 1,200,412

Plans:

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.

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