Cooperative Humble Beginning:
Lipa Multi-Purpose Development Cooperative was organized on February, 1991 with Dr. Teodoro Dimayuga as the Chairman and Mr. Benjamin Katigbak as the Vice Chairman. It started with 33 incorporators, from Lipa City and Mataas na Kahoy residents. The Incorporators invested share capital of P2,100.00 each. This cooperative started with a capital of P63,000.00.
On June 4, 1991 Lipa Multi-Purpose Development Cooperative was registered at Cooperative Development Authority (CDA) Calamba Office as Lipa Multi-Sectoral Credit Cooperative (LIMSECCO). its original name was amended into Lipa Multi-Purpose Development Cooperative in 1995. On the same year, LIMSECCO borrowed additional working capital from DTI in the amount of P300,000.00 to be lent to its members. For having been a good borrower, LIMSECCO was recognized to have a 100% loan repayment on December 15, 1995.
In 1997, Development Bank of the Philippines (DBP) grant a loan to LIMSECCO the amount of 1.5 million pesos, the term was 36 months to pay on a quarterly basis of P15,0693.13. It was fully paid with good credit standing in 2000.
On October 19, 1999 the City Cooperatives Office of Lipa granted them a loan of P50,000,00 with interest of 6% per annum with a quarterly payment of P12,972.24. It was fully paid in October 2001, with good credit standing. Another loan granted from the City Government thru City Cooperative amounting to P300,000.00 in December 2005 payable in four years. The said amount was added to their lending services capital.
In 2000 Care Phil granted them a loan of P800,000.00 with14% interest payable in three (3) years. It was fully paid in the year 2003 with good credit standing.
Cooperative Accomplishment:
It was sometime in November 2009 when LIMSECCO purchased a 79sq meters lot located at Rajah Soliman St., Brgy 5, Lipa City worth P2.4m from a loan at PNB and was amortized tor 5 years. On the same year, it acquired two properties located in Latag, Lipa City, one was 79 sq. meters & the other was155 sq. meters. These properties were transferred to the name of the cooperative. The 79 sq. meter lot was raffled during the 25th General Assembly.
By the approval of the General Assembly, the cooperative started the construction of its own building in October 2010 until March 2011. In June 2017, a second floor for the building was constructed, thus, LIMSECCO’s office is now located on the second floor. The first floor is currently for rent which serves as an additional income for the cooperative.
Cooperative Vision:
The Lipa Multi-Purpose Development Cooperative aims to continue its mission for members. Continue to provide services for the welfare of members, such as granting loans (regular, emergency, educational loans) at low interest, giving other benefits (financial and medical assistance, burial). The cooperative also plans of conducting continuous education to all members and aspiring members, especially to the officers of the cooperative.
Cooperative Projects &Programs:
The officers are planning a Lakbay Aral to acquire knowledge from other cooperatives and Team Building to instill good camaraderie. Seminars are also pipelined not only for officers but to the whole membership. Annual General Assembly is scheduled every year to ensure transparency and provide relevant cooperative information to all members. Regular Board meetings are conducted every month.
Annual community projects such as gift giving or feeding project to the children of the community where the cooperative is located are regular initiatives of the LIMSECCO also giving financial assistance to Mahal na Ina ng Guadalupe where numbers of old aged individuals stay. It also conducts annual gift giving to the inmates of Lipa. The cooperative also plans to give financial assistance to the SOS children. Yearly Raffle Bonanza is also among the lineup of activities of the cooperative, giving chance to everyone of winning cash prizes. They also conduct Christmas party every year.
Every Committee of the cooperative also have activities which are beneficial to every member.
Street Cleaning and Paper Shredding
The Lipa Multi-Purpose Development Cooperative will continuously harness skills and knowledge of their cooperative officers to serve members of their cooperative and will strive harder to be resilient on challenges in the future. As for opportunities ahead, it will not shy away of grabbing any that will benefit its members and the communities that it serves.
