TABUK CITY, Kalinga: The Tabuk Multi-Purpose Cooperative (Tampco) is now a billionaire cooperative with total assets of P1.09 billion as it celebrates its 45 years of service.
Elmerli Colangan, Tampco chief executive officer, reported during the recent General Assembly that the cooperative’s assets dramatically increased by 13 percent or up by P124 million in a year.
Colangan said the growth in asset also resulted in the increase of cash, loans receivables and investments.
Its membership also increased by 1,230 from 12,928 in 2015 to 13,937 last year and translated to a P14.8 million in additional fixed deposits.
The management was able to decrease the cooperative’s delinquency rate based on maturity by one percent from 7.17 percent in 2015 to 16.17 percent last year.
Tampco succeeded despite some difficulties in managing its credit services in the mid-1980s.
“The cooperative has survived and grew year after year to become at present one of the richest cooperatives in Northern Luzon,” Colangan said.
Tampco has been conducting tree-planting activities and actively participatingin the monitoring of the National Greening Program of the government as part of its social responsibility.
Meanwhile, Rev. Claudio Bagano, chairman of the Board of Directors, said they have passed resolutions against moves to repeal tax exemption of cooperatives, to support the abolition of the irrigation service fees and to adopt the Labor department’s formula for the 13th month pay, among others.