CEBU CITY - Cebu People’s Multi-Purpose Cooperative (CPMPC) celebrated on December 21 its 50th Anniversary in a big celebration attended by the co-op’s leaders, members, management, staff, government officials, and representatives of co-op organizations nationwide.
Cebu People’s Multi-Purpose Cooperative (CPMPC), widely known as “People’s Coop”, was organized by the Scarborough fathers on December 21, 1972, through the efforts of VICTO or the Visayas Cooperative Federation. It was then held the first office at Room 209 J. Borromeo Building, F. Ramos Street.
People’s Coop started with 27 members with a total initial share capital of two thousand one hundred seventy-five pesos and fifty-five centavos (P2,175.55). It was first registered with the Bureau of Agricultural Cooperative Development (BACOD) as a credit cooperative on December 5, 1975, under Registration No. FF-028, and with the Bureau of Internal Revenue (BIR) on October 26, 1993, with Registration No.: OCN 2RC000081612 (CDA) on October 28, 1993. And in compliance with RA 9520 or the New Philippine Cooperative Code of 2008, the same Authority issued to the Cooperative a new Certificate of Registration CIN-0102070773 on December 18, 2009.
The first decade of the People’s Cooperative was the most challenging. Like any budding organization, it also had its share of obstacles in various dimensions. Over its long years of existence, its trend of performance was jagged. It experienced its first bout of high loan delinquencies in 1976. Squabble among its Board of Directors (BOD) in 1978 exacerbated the problem. Factionalism within the leadership was so intense that it required three General Assemblies to settle.
The performance of the cooperative was erratic and unpredictable. Its business fundamentals were oftentimes bearish and poor. And as a consequence, by the end of 1985, membership slid from 1,500 to 906. Many demanded more access to the decision-making structure of the cooperative and called for organizational reforms. They saw the need to restore the confidence of the members.
Fast forward following many years of hard work, the People’s Coop saw its light of successes and has become one of the most reputable cooperatives in the country.
Today, CPMPC has 419 staff serving 105,000 members through 25 branches in the Luzon, Visayas and Mindanao. The co-op also stewards more than Php 2 Billion assets belonging to the members.
CPMPC provides financial services, investments, insurance and mortuary services, retailing, and has even delved into agriculture and public transport.
CPMPC is also a very active member of the COOP-NATCCO Partylist.
PHOTO courtesy of Philippine Cooperative Center (PCC)
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