Friday, October 19, 2012

Tagum coop now has P86.66M net surplus

The Tagum Cooperative has grown by leaps and bounds with a previous net surplus of P27.497 million, Latest figures however show that it now has a net surplus amounting to P86.66 million and total combined assets of P1.7 billion as of August 2012.

The Tagum Cooperative topped the list of cooperatives all over the country in terms of net surplus.
Provincial planning and development office supervising cooperative development specialist Humber Cabunoc said the Tagum coop is not only on the Top 20 cooperatives in Southern Mindanao but was chosen as the country’s most outstanding large cooperative during the 11th Cooperative Summit held in Cagayan de Oro City last week.  Cabunoc also said next in line are the Sta. Ana Multi-Purpose Cooperative with a net surplus of P24.97 million and the Agdao Multi-Purpose Cooperative with a net surplus of P22.34 million. Both are based in Davao City.  “The cooperative was previously chosen as the number 1 cooperative in Southern Mindanao in terms of its net surplus,” he said.  “We are encouraging residents of Davao del Norte to become members of the Tagum Cooperative considering that it has shown proof of good governance and an established financial and recording system,” he said.  Cabunoc said with almost 80,000 members the Tagum Cooperative has no external borrowings and relies on its own loan portfolio of P1.35 billion and deposits amounting to P833 million. The Tagum Cooperative, which was previously known as the Holy Name Society of Tagum Parish, was founded in May, 1967 with an P80 capital and several members

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