DAVAO CITY: Top performing cooperatives in Mindanao and Visayas will receive honors in the upcoming 10th FOCCUS Awards slated on September 17 here in Davao City.
FOCCUS Awards are given to deserving and performing cooperatives every three years. FOCCUS stands for Finance Organization Achieving Certified Credit Union Standard.
Emmanuel Joseph Sumatra of FOCCUS said this year’s cooperative awardees also achieved and maintained the International Prudential Standards for safe, sound and sustainable cooperative business organizations.
Operations of FOCCUS cooperatives are considered sound and that they remain sustainable, he added.
Some of this year’s awardees are the Agdao Multipurpose Cooperative (AMPC) of Davao City; the BCS Credit Cooperative (BCS-CC) of Bansalan, Davao del Sur; CEV Credit Cooperative (CEV-CC) of Tagbilaran City, Bohol; First Community Cooperative (FICCO) of Cagayan de Oro City; the Kapalong Cooperative (KC) of Kapalong, Davao del Norte; and Maragusan Growers Multipurpose Cooperative (MAGROW) of Maragusan, Compostela Valley.
Sumatra said that three of the presented cooperatives will be conferred with FOCCUS Platinum Achievement Award for meeting the highest standards required for FOCCUS cooperatives.
These include the First Community Cooperative (FICCO) of Cagayan de Oro City; Silangan Multipurpose Cooperative (SMPC) of Davao City; and the Tagum Cooperative (TC) of Tagum City.
Five of the award-winning cooperatives are also considered billionaire cooperatives that serve substantial number of member-cooperators.
These billionaire cooperatives include FICCO of Cagayan de Oro City with a total asset of more than P9 billion; Tagum Cooperative with P4 billion; and, AMPC of Davao City, NICO of Nabunturan, Compostela Valley, and USPD-SCC on Davao del Sur with P1 billion each.
“Strict adherence to the FOCCUS Prudential Standards helped these cooperatives stay true to their promise of safe, sound and sustainable cooperative operations to their members,” said Rhoda Ruth Pillerin, CEO of FOCCUS Group of Cooperatives.
Pillerin added, “The fact that these cooperatives are able to mobilize funds from their members and managed them productively that lead them to breaching the 1-billion peso mark in total assets is a very significant development for the cooperative sector.”
She said that the achievement of these cooperatives also reaffirms the group’s belief with FOCCUS brand of prudence and discipline.
“The cooperative is a business model that empowers those that have little financial capital and even the economically marginalized,” Pillerin said.