Coop History - FICCO weebly
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Transcript Coop History - FICCO weebly
Topic 1
Coop History
What lessons can we draw from it?
The Modern Cooperatives
1825
1827
1833
1848
1870
-
Robert Owen
Dr. William King
Rochdale Pioneers
Friedrich Wilhelm Reiffeisen
Alphonse Desjardins
Cooperatives in the Philippines
1907
-
1938
-
The Americans introduce the
modern coops in the
Philippines.
1st successful Credit Union
introduced by a protestant
missionary in Tuguegarao,
Cagayan.
Lessons Learned
From Owen’s and King’s efforts: good intentions
are not enough; start small (from simple to
complex); internal capital; ownership; need for
unity, cooperation
From the Rochdale Pioneers: Learning from
mistakes; perseverance; the importance of written
policies
History of FICCO
•Founded in 1954 as Ateneo Credit Union (ACU)
•Became Ateneo Credit Cooperative Union
(ACCU) in 1970
•First Community Credit Cooperative (FICCCO) in
1980
History of FICCO
•First Community Cooperative (FICCO) in 1990
•2007 – Resurrected the Misamis Occidental
Cooperative Bank (MOCB) now First
Community Cooperative Bank of Misamis
Occidental (FBMO)
•2008 – Majority stockholder of Cooperative
Bank of Davao Del Sur (CBDS) & Cooperative
Bank of Surigao Del Sur (CBSS
History of FICCO
•2009 – Biggest investor of National
Cooperative Mutual Fund (NCMF) of the
Philippines.
•2nd biggest investor of CLIMBS.
•Largest Community-type Cooperative in the
country.
•Total Assets of P5+ Billion & membership of
152,000+ as of Dec. 31, 2011.
What’s Significant About FICCO’s History
It started very, very small, yet it is now a significantly
huge enterprise
It is still owned by small people, with average capital
of less than P 10,000
It has no secret formula of success
Over the years, it developed a synergetic culture that
propels its growth and underpins its success
FICCO is now a “brand”
Where is FICCO now?
Membership
Assets
Deposits
Membership Growth is extraordinary!
Membership
140,128
160,000
152,599
140,000
120,000
100,000
80,000
60,000
40,000
20,000
24,026
987
9,186
1980
1990
2000
2010
2011
BACK
Asset Growth is noteworthy!
Total Assets (In Million)
6000
4,588
5,123
5000
4000
3000
2000
1000
2.8
49.2
482.2
0
1980
1990
2000
2010
2011
BACK
Deposit and Share is climbing!
Savings
Share
3000
2,683.80
2500
2,095.90
2000
1,886
1500
1,601.20
1000
500
20.6
0
Savings
Share
1980
1.5
1.5
1990
20.6
22.7
217.1
2000
217.1
184.4
2010
2,095.90
1,601.20
2011
2,683.80
1,886
ICFS
What is ICFS?
Why do we need ICFS?
Is this really “A Timely Move”?
What is ICFS?
One Coop
Bank
One Coop
Insurance
ICFS
One Asset
Management
Why do we need ICFS?
Cooperatives become consolidators of funds and stop
at that.
Coops in the country is divided
Coops do not enjoy high yield placements and
aggressive investments
Breaking the Federation barrier mentality
Increase income of the primary coops
Leverage in our numbers
One Coop Bank
FBMO + CBDS + CBSS =
“CONSOLIDATED COOPERATIVE BANK”
is now Approved by the
Bangko Sentral ng Pilipinas (BSP)
Metrosouth Coop Bank (MSCB) & Capiz Settlers
Cooperative Rural Bank approved to join the CCB by
consolidation or merger
Our Proof of Concept!
One Coop Insurance
There are two Coop insurance in the country CISP and
CLIMBS
FICCO invest in CLIMBS
Climbs have 1,800+ coop members
Climbs became the reinsurance arm of FICCO/MBA
FICCO MBA approves merger with CLIMBS
FICCO approves the purchase of P11Mil+ worth of
stocks of CDA in CISP, though not approve by CISP
One Coop Insurance
Coop Life Insurance & Mutual Benefit Services
(CLIMBS)
can be the be one cooperative insurance
in the country
One Coop Asset Management
FICCO with other national century coops created the
National Cooperative Mutual Fund (NCMF) Inc.
NCMF will handle investment of the cooperatives excess
funds to obtain high yield interest on their
investments
Coop Philosophies
1.
Union of Persons
•
2.
Self help leading to Mutual Help
•
3.
Unity and cooperation are must
Self-reliance engenders reciprocity
Equality and Equity
•
Members enjoy equal rights but share benefits/risks equitably
Coop Philosophies
4. Tool for Reform
•
Joining a coop requires changing one’s outlook,
attitude, way of life
•
This leads to improving quality of life
5. A Coop is –
Not for Profit
Not for Charity
But for SERVICE!
Coop Principles
Most of these were part of the ‘Business Policies’ of the
Rochdale Cooperatives.
Coop Principles
1.
2.
3.
4.
5.
Open and Voluntary
Democratic Control
Non- Discrimination
Service to members
Return to members
Coop Principles
6. Financial Stability
7. Continuing Education
8. Cooperation among Cooperatives
9. Social Responsibility
To be a Member in Good Standing
Regular depositor
Wise borrower
Prompt payor
Participate in the activities of the coop, especially the
general assembly
More Coop Values
Common good – policies are adopted with the
good of the majority in mind
Savings – No person, institution, or country
will progress if the said person, institution, or
country does not know how to save.
Wrong formula: Income - expenses = savings
Correct formula: Income – savings = expenses
THANK YOU!