2nd Annual General Assembly Meeting of Mandaue City Credit Surety Fund Cooperative

Mandaue City, Cebu, Philippines. The highly anticipated Mandaue City Credit Surety Fund
Cooperative 2nd Annual General Assembly Meeting happened last February 16, 2023, at the Big Hotel, Mandaue City. The overwhelming support of the general membership radiated as seen from the actual number of participants attended. Gracing the event was Mandaue City Cooperative Development Officer designate, Dr. Mosuline Suliva, on behalf of Mayor Jonas Cortes. His inspirational message emphasized the importance of coop membership in order to help improve the quality of life of all the members, which is significant nowadays. In addition, the values of commitment, dedication, and active cooperation from the members are a must for a competitive, viable, and sustainable cooperatives. Surely, the industry and honesty from officers and staff are plus factors for a sustainable, more resilient and innovative management. The officers and members of the CSF cooperative are driving forces to its members as well as to the MSMEs as a whole. Indeed, the national goal of financial inclusion is already addressed by the CSF Cooperative. As a result, addressing the financial needs of MSMEs, co-ops, and NGOs become simplified, easier, and more affordable.

Present during the spectacular event was the dynamic coop advocate Cooperative Development Region VII Extension Office Director, Dir. Cristina H. Villamil. She integrated the valuable lessons and actual experiences she learned from other regions prior to her stint at Region 7. There is nothing more meaningful than to help our own cooperative to be an agent of change for poverty reduction and people’s empowerment. Those mandatory trainings intended for micro and small cooperatives should be more available and accessible to officers of either virtual or physical trainings. Cooperatives shall attend the required number of training hours and prompt submission of mandatory reports. Finally, she expressed gratitude to the officers and all members for their great contribution in enabling the CSF Cooperative, to be registered and grow in order to help its members—MSMEs, co-ops, and NGOs—be bankable and creditworthy.

The well-respected Chairman of Mandaue City Credit Surety Fund Cooperative, Dr. Emedio Bustillo was the presiding officer and master of ceremonies, gave his welcome address. Presented was the highly expected 2022–2024 Strategic Action Plan with only 20% discrepancy between the target and performance of MCCSFC. The recruitment challenge was addressed during the assembly. They viewed it as the most challenging time as an after-effect of the pandemic. Other activities undertaken include attending MCCDC seminars to promote MCCSF and giving participants the pros and cons of applying for a loan from lending banks. They considered maximization of social media as an effective marketing and advocacy platform for the CSF Cooperative.

The Assembly earned several commitments from the primary cooperatives which are now waiting for approval during their respective annual general assemblies. Some of the cooperatives that have indicated their intent to become members are as follows: Ecogas Producer Cooperative, CMP Cooperative of Paknaan, WAF Cooperative, Mandaue Transport Cooperative, and Santo Nino BEC MPC.

As reported by the chairman, it was shown that after its registration with the Cooperative
Development Authority Region VII on October 26, 2021, cooperative operation has always been consistent with RA 10744, IRR, and its bylaws. He further said that with the encouragement of the CSF- 7 Section, it also signified being part of the spearheading of the holding of the Central Visayas CSF Cooperative Congress tentatively scheduled for August 7–9, 2023, to be held in Panglao, Bohol, Philippines.

Landbank of the Philippines representative, Mr. Bobby Calimot, reminded the officers and
members to be constantly vigilant with the processing and evaluation of loan applications of qualified borrowers. In addition, due diligence should be consistently observed and implemented fairly for all members.

Ms. Gina F. Repunte, Sr. CDS, CSF 7 Service concluded the meaningful event. She gave
some CDA updates regarding the CSF law, the IRR, and the latest CDA issuances. One of which is MC-2022-31, which requires that a CSF cooperative must observe the transition and reclassification of accounts from being a mere CSF to a full-fledged CSF cooperative. She acknowledged and thanked the officers for actively supporting the CSF Coop activities of their time and best effort to make the coop fast-moving as well as serving the members at its best through  the issuance of surety cover, which is the lifeblood of its business.

Indeed, it was a worth-attending activity, achieving the main agenda of the GA meeting
with the successful outcome on the election of officers. Newly appointed and elected officers will take their oath of office sometime in April 2023. To all the officers and members, kudos! (gfr)