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Cordova Multipurpose Cooperative Blog

11Aug 2016

History

 

HISTORICAL BACKGROUD

It was in the midst of chaos and national unrest that Cordova Credit Union Incorporated was organized and was among those pioneering organizations that responded to the call of the National Secretariat of Social Action (NASSA). It was founded by Fr. Rudy Abao, MSC and its pioneer members are 25 parishioners who had attended the one month long Pre-membership Education Seminar conducted by the staff of NASSA.

SOON TO RISE

Cordova Multipurpose Cooperative Building – SOON TO RISE

December 12, 1971 was the day of its 1st organizational meeting wherein the 25 pioneers – officers put up their share capital that totalled to Php250.00, and this became the initial capital of the Cooperative. It was registered on March 14, 1972 at Cooperative Administration office (CAO). Membership grew and more and more services such as credit and savings were offered to members.

The declaration of Martial Law on September 21, 1972 led to the enactment of Republic Act 2023 and PD 175 which mandated all Cooperatives to register in the Bureau of Cooperative Development hence, Cordova Cooperative Credit Union with a new name, Cordova Credit Cooperative Inc., was registered on October 5, 1973 with Certificate of Registration No. FF-01 RR.

After 5 years of existence as a Credit Cooperative, the General Membership during its General Assembly approved for the establishment of a Consumer store to respond to their consumers needs. In July 5, 1978, a Consumer store was opened and its capital was taken out from the dividends and patronage refunds of its members. It was registered as a separate Cooperative on July 9, 1981 with the name of Cordova Consumer Cooperative, Inc.

The separate registrations of the Cordova Credit Cooperative, Inc. and Cordova Consumer Cooperative, Inc. were confirmed by the newly established Cooperative Development Authority (CDA) on January 16, 1991 and April 8, 1991, respectively.

After several years of operating separately, a Special General Assembly was called to resolve and to consolidate the two Cooperatives. The consolidation was in accordance with RA 6938 and the Rules on Merger and Consolidation of Cooperatives, by which it was registered on June 1993 as CORDOVA MULTIPURPOSE COOPERATIVE and was identified as the first Consolidated Cooperative in Region VII, and was given with Certificate of Consolidation Registration No. CBU-CSN-93-001.

From Php250.00 initial capital in 1971, it now has a total asset of 340 M by the end of December 2016. In present, it has 3 branches operating in Mactan Island , one consumer store, one lumber store, and a bayad center.

The 25 Pioneer Incorporators

Josefina Berdin                 Gerardo Fajardo Jr.          Arnulfo Nuñez

Felicidad Arcales               Lilia Amores                      Beatriz Baguio

Anacleta Sumalinog         Lucita Dente                      Panfilo Celocia

Julieta Obatay                   Bonifacio Degamo            Adelina Pogoy

Carmencita Tomaquin    Luis Jumao-as                    Asteria Tan

Silvina Jumao-as               Renerio Baguio                 Antonio Saldua

Nemesiana Baguio           Erickson Enero                 Generoso Sabio

Florencio Carino               Concepcion Jumao-as     Fr. Venancio Lumboan

Fr. Rudy Abao

First BOD Chairman:       Silvina Jumao-as

First treasurer:                  Josefina Berdin

First Secretary:                 Carmencita Tomaquin