Cooperative profile
HOW CMC STARTED ?
Cordova Multipurpose Cooperative is a large cooperative and one of the pioneering cooperatives in Cebu that offers competitive financial products such as Savings, Time Deposits and Loans and other allied services to its members with a strong mission of uplifting the lives and the socio-economic condition of the member-owners of the cooperative.
HISTORICAL BACKGROUND
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 were 25 parishioners who had attended the one month long Pre-Membership Education Seminar.
The First Pre-Membership Education Seminar (PMES)was held on November 15, 1971 to December 11, 1971 and was facilitated by Fr. Rudy Abao, MSC.
The First organizational meeting was held on December 12, 1971 wherein the 25 pioneer – members put up Php 10.00 each as their share capital contribution that totalled to Php 250.00 which eventually became the initial capital of the Cooperative.
On March 14, 1972 the cooperative was registered at Cooperative Administration Office (CAO) with the name CORDOVA COOPERATIVE CREDIT UNION.
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 as full-fledged cooperative on October 5, 1973 with Certificate of Registration No. FF-01-RR.
First BOD Chairman: | Silvina Jumao-as |
Vice Chairman: | Gerardo Fajardo Jr. |
Members: | Carmencita Tomaquin Adelina Pogoy Panfilo Celocia Felicidad Arcales Lucita Dente |
First treasurer: | Josefina Berdin |
First Secretary: | Carmencita Tomaquin |
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 demands and needs for consumer goods.
In July 5, 1978, a Consumer store was opened and its initial capital was taken out from the accumulated and undistributed dividends and patronage refunds of its members. It was registered as a separate Cooperative on July 9, 1981 with the name 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 & April 8, 1991, respectively.
After several years of operating separately, a special General Assembly was conducted that approved the merger and consolidation of Cordova Credit Cooperative, Inc. and Cordova Consumer Cooperative , by which it was registered on June 1993 as CORDOVA MULTIPURPOSE COOPERATIVE and was identified as the first Consolidated Cooperative in Region V11, and was given with Certificate of Consolidation No. CBU-CSN-93-001.
June 19, 1993 – Cordova Multipurpose Cooperative opened its first branch at Lapu-Lapu City.
Year 2002 – Cordova Multipurpose Cooperative started its operations of Lumber business.
May 2006 – Cordova Multipurpose Cooperative transferred its new office at Crossroad of Poblacion, Cordova, Cebu.
March 28, 2007 – Cordova Multipurpose Cooperative opened its branch at Basak, Lapu Lapu City.
October 30, 2008 – Cordova Multipurpose Cooperative opened its branch at Olango Island, Lapu Lapu City.
September 8, 2016 – Cordova Multipurpose Cooperative opened its first satellite office at Mandaue City.
Febuary 20, 2021 – Cordova Multipurpose Cooperative opened its 2nd satellite office at Talisay City