Tagum Coop maintains strong financial performance despite ‘Pablo’

DAVAO CITY, Mar 28 (PNA) –Tagum Cooperative has proven its resiliency as it achieved a net surplus growth of 19 percent from P168 million in 2012 to P200.7 million in 2013 even with typhoon “Pablo” hitting the Davao Region in December 2012, affecting up to 15% of its 99,807 members.

Tagum Cooperative, which was previously known as the Holy Name Society of Tagum Parish, was founded in May 1967 with a handful of members and a share capital of P80.

“Thanks to an established management system the cooperative was able to maintain its performance,” said Miriam R. Baloyo, Chairperson of the Board of the Tagum Cooperative.

Tagum Cooperative has consistently topped the list of top-performing cooperatives not only in Southern Mindanao but also in the whole country. The Cooperative Development Authority (CDA) has named it the number one Billionaire Cooperative in the Davao Region in 2012.

Despite the devastation caused by “Pablo”, the Cooperative reported P2.25 billion worth of assets in 2013 which is P440 million or a 24.28% increase compared to the P1.81 billion recorded in the previous year. Its share capital increased by 20.85% from P625 million in 2012 to P755 million in 2013.

The cooperative has recorded a savings deposit of P10.5 billion in 2013, a 24.47% increase compared to the P844 million savings recorded in the previous year. Its loan portfolio has also increased by 23.38 from P1.39 to P1.72 billion.

Juris D. Perez, Tagum Cooperative officer-in-charge and general manager, said their membership also increased by 10.7% or 16,429 from its previous year’s membership of 83,378.

Baloyo said they will put up a branch in San Francisco, Agusan del Sur this year and intends to establish one branch every year up to 2015.

Tagum Cooperative provided a half million financial assistance to Luntiang Paraiso Regional Rehabilitation Center in New Corella, Davao del Norte last year. The Center, geared to help rehabilitate alcoholics and drug dependents, is one of the three rehabilitation centers in Mindanao including the one located in Mintal, Davao City and in Abong-Abong, Zamboanga City. (PNA)