Kalinga’s TAMPCO is now a billionaire coop
CITY OF TABUK, Kalinga– The Tabuk Multi-Purpose Cooperative (TAMPCO) is now a billionaire coop with total assets of P1.09 billion in 2016.
This milestone was achieved as the coop celebrated its 45 years of service to the people with the theme, “TAMPCO @ 45: Sadiri dagiti Miyembro, Kamang ti Tattao”.
Elmerli Colangan, Chief Executive Officer, reported during the recent 45th General Assembly that the coop’s assets dramatically increased by 13 percent or up by P124 million in a year attributing the good performance to the continuous patronage and support of members to its banking services. The growth in assets resulted also in the increase of cash, loans receivables and investments.
Membership increased by 1,230 from 12,928 in 2015 to 13,937 last year translated to a P14.8 million in additional fixed deposits. Management was able to decrease the coop’s delinquency rate based on maturity by one percent from 7.17% in 2015 to 16.17% last year.
TAMPCO was organized during the time of Cory Aquino and succeeded to operate despite some difficulties in managing its credit services. It survived and grew year after year to become at present one of the richest cooperative in Northern Luzon.
On its social responsibility, TAMPCO conducted tree planting activities and actively participated in the monitoring of the National Greening Program. It gave donations for the restoration of destroyed portions of the irrigation system in Cabaruan this city due to typhoon Lawin and to the Episcopal Diocese of Northern Luzon’s relief operations.
Meanwhile, Rev. Claudio Bagano, Chairman of the Board of Directors. reported the body passed 24 resolutions which include the hiring of seven new employees; making Tax Identification Number a mandatory requirement for regular membership applicants; supported moves for exclusion of cooperatives from the Cooperative Information System Act; against moves to repeal tax exemption of coops; abolition of the irrigation service fees; adoption of DOLE’s formula for the 13th month pay; establishment of TAMPCO branch in Rizal, and approval of the 70:30 allocation of net surplus to dividends and patronage refund in favor of dividends. ** PIA- CAR