SAMULCO at 50
BECOMING a financial partner and life development driver, the Sta. Ana Multipurpose Cooperative (SAMULCO) marks its golden year with a commitment to continue its legacy which is to nurture empowered members may it be financially, socially or spiritually.
True to its tagline: Alalay sa buhay, katulong sa pag-asenso, SAMULCO has grown to become giant cooperative enriching the lives of its members.
From what was then a small cooperative with only P242 capital investment 50 years ago, SAMULCO breached the P1 billion mark in total assets in November last year, a milestone gained thru hard work and commitment.
Celebrating its golden anniversary, SAMULCO will gather all its 35,000 members nationwide today, March 26, for the 50th Annual General Assembly at the University of Southeastern Philippines Gym, Obrero, Davao City celebrate the coop’s gains and address the recurring challenges.
The homegrown coop will give honor and appreciation to all its key players and members who contributed in making SAMULCO what it is today: a more mature, independent, trustworthy, and salf-sustaining primary cooperative.
SAMULCO chairperson Dr. Victor Bonifacio O. Hofileña said their success is most attributed to the people who took the first big step in the coop’s great journey - Fr. Gerard Loiselle and the rest of the PME Fathers, and the 21 incorporators of the institution.
SAMULCO vice-chair Joselito Santillan said the cooperative was created to provide the community the needed financial assistance to uplift its economic and social status.
Beyond that, SAMULCO became a player in the community that extends from just lending to rendering social action programs beneficial to community development and sustainable growth.
These social services include tree planting, financial assistance through micro assistance, mortuary assistance (Dayong), regular medical mission, healthcare assistance, “Our Buying Club” services, and financial literacy education, plus many others.
Jose Castillo, Jr., a member of the board, said delinquency problem, among all the challenges serves as the biggest constraint in sustaining the coop’s growth.
“The big delinquency rate really can affect the net income of the coop, thus, affecting our services,” he said.
But Castillo was quick to add that they were able to address the problem by educating its members to pay their loans on time. The move has enabled the coop to reduce its delinquency rate from some 50% in 2014 to 27% by early 2017.
There is more in store at SAMULCO for the coming years.
“The Cooperative Development Authority (CDA) already approved SAMULCO to operate 50 years more. We will provide new and improved services based on our member’s needs,” Hofilena said.
Some of the plans of SAMULCO are to launch its second residential village, a memorial park, expand its clinic, continue scholarship programs and establish more outlets outside Davao City, among others. At present SAMULCO has buildings along Monteverde Street, in Buhangin, along R. Magsaysay Avenue, and in Puan.
The coop’s focus now is to encourage more quality members, members who are willing to participate in the programs of the coop, and not just regard the coop as a loan source.
Guided by the coop’s principles and values, SAMULCO is ready to withstand challenges and seize opportunities brought by its holistic approach in social and financial development. ASP