1CISP Posts Record Growth In 2018
1Cooperative Insurance System of the Philippines (1CISP) has ended 2018 with a record-high growth in assets, owing to the conducive business environment in the local insurance industry.
In a press briefing held recently led by 1CISP president Roy S. Miclat, he revealed that 1CISP’s total assets as of end-2018 has reached P2.57 billion, a hefty 65% increase from the cooperative’s total assets of P1.55 billion in 2017. Joining the presentation were Brig. Gen. Teodoro P. Evangelista, Chairperson and 1CISP Directors Imelda S. Magabilen and Sec. SenenBacani.
According to Miclat, 1CISP’s record growth in 2018 was due to a positive business landscape for cooperatives during the year as well as their aggressive pursuit of new projects and programs for cooperative businesses in the country.
1CISP first breached the two-billionpeso mark in assets in the third quarter of 2018 when the cooperative posted total assets of P2.04 billion as of endSeptember. In three months, 1CISP added over half a billion pesos in assets to end 2018 with P2.57 billion.
Miclat also reported that 1CISP ended 2018 with a net surplus of P216 million, a hefty 35% increase from the cooperative’s net surplus of P160 million the previous year. The net surplus was distributed by 1CISP accordingly: a dividend rate of 12% and an experience refund of 7.19%, which is further broken down into a patronage rate of 2.40% and an experience rate of 4.79%.
1CISP also launched three major projects in 2018—CoopKicks, 1KoopMart, and 1Koop Leaders Academy.
Coop Kicks is the first-ever cooperative pitch fest in which young innovators and aspiring entrepreneurs were given a chance to pitch their ideas on cooperative ventures. Aside from participating in an entrepreneurship and technology boot camp, the winners will also receive a financial grant for their projects from sponsoring cooperatives and partners.
1KoopMart, in turn, is a project of 1CISP in partnership with retail giant NCCC to come up with the country’s first ever cooperative sari-sari store chain.