SAMAR MULTI-PURPOSE COOPERATIVE
SAMAR MULTI-PURPOSE COOPERATIVE (SAMICO)
The history of Samar Microcredit Cooperative (SAMICO) now Samar Multi-Purpose Cooperative dates back to the period when people’s Credit and Finance Corporation (PCFC) ventured into retail of microfinance in 1999. PCFC, being one of the lead institutions to implement poverty alleviation projects established Project Management Unit (PMU) in Basey, Samar for actualization of its “Kabuhayan Para sa Kababaihan” livelihood program. The original team of PMU-Samar was composed of Nestor V. Tabungar, Manuel S. Mabini, Allan J. Llanita, Ninna Alma R. Babalcon, and Hyleen Daganzo-Badilla.
The team has always dreamed of organizing a cooperative which will benefit its program members. In May 2000, some of the PMU team members specifically Manuel S. Mabini, Allan J. Llanita, Ninna Alma R. Babalcon and Hyleen Daganzo-Badilla were transferred for program expansion and to compose the new PMU in Catbalogan, Samar. The dream cooperative then was organized and registered with the Cooperative Development Authority (CDA) – Tacloban Extension Office under CDA Reg. No. TAC-2482 with the initial thirty eight members who contributed to its initial paid-up share capital of P 40,000.00.
In January 2002, SAMICO was accredited as conduit and program partner of PCFC with initial credit line of Three Million and Five Hundred Thousand (3.5M) pesos. The cooperative started to extend its operation within the island of Samar in Calbayog City and eventually in the capital tows of Borongan and Catarman. To date, SAMICO has current credit line with PCFC of Forty Million (40M).
SAMICO is governed by a seven (7) – man Board of Directors, the function of which is to formulate policies to guide the operation of the cooperative. In addition, it has the following set of officers: general manager, Department Heads for Operations, Human Resource, and Accounting. The success of the cooperative can be attributed to many different factors. Its dedicated and committed staff and officers join efforts in building the image of the coop. The leadership is participative and non-traditional. Ideas are not limited within its leaders, but a contribution from dynamic and progressive young minds of its human resource.
In its five (5) years of operation the coop has total assets (as of December 31, 2006) of P 61,448,744.64. The members’ equity and savings amounted to P 5,221,500.44 and P 7,951,780.17, respectively. The net surplus as of December 2006 is P 344,730.19.
The cooperative was the first microfinance institution in Samar and was awarded by CDA-Province in year 2005 as the Most Outstanding Credit Cooperative.
SAMICO is a recipient of the Philippine Australian Community Assistance Program (PACAP). They availed One Million Pesos grant for the Project “Empowering Samar Coastal Communities.” Thru Coop development of a Modern Crab Farming Enterprise (Mud Crab and Blue Crab Project). The amount was released last March 2006. Dr. Asela A. Cabañas, Samar Provincial Cooperative Development Specialist indorsed the cooperative with the recommendation of former CDA Administrator Dr. Virginia A. Teodosio and Mr. Marfred Pranada.
Success stories from coop members have inspired people in the community. Their members were able to send their children to school and even financed their college education. Some have acquired home appliances for their convenience aside from having their houses concretized. And the most remarkable is the opportunity and availability of financial assistance for additional capitalization with savings mobilization that earn them additional income being share holders of the cooperative.
SAMICO, in its development plan, has envisioned itself to assist total human development particularly in Samar. It hopes to implement the following priority projects in the near future. These projects are agricultural development program (e.g livestock, vegetable, and root crop), establishment of COOP mart, aquamarine project, housing project, livelihood/skill training center, eco-tourism, strategic marketing program, proper solid waste management program and responsive health program. The coop has now started its organizational strengthening program with various Pos coops and association in different barangays which are potential partners in the efficient delivery of programs and services.
Last May 30, 2007, SAMICO has inaugurated and transferred to its new office building located at 7th St., Brgy. 13, Catbalogan City. A residential lot costs Three Million Pesos (P3,000,000.00) a part of the coop vision of creating a model coop in the community five years ago. Recently, the coop amendment to expand its operation was approved by the Cooperative Development Authority (CDA) Regional Office covering the Regions 6, 7 and 8 of the Visayas region.
The program and services of SAMICO has been strengthened and as of now there are already eight branches of Microfinancing and Lending. They are located in Catbalogan City, Calbayog City, Borongan City, Catarman, Tacloban City, Baybay City, Maasin City and Ormoc City.
Last July 26, 2008 they inaugurated the SAMICO MART (SM) with an initial capitalization of Two Million Pesos. This is manned by three full time employees, the Store Manager, Cashier and the Stockman who is at the same time the bagger.
For Agri Related Services they have the Blue Crab Fattening thru Fish Pen covering five communities in the municipality of Tarangnan and Catbalogan City.
They have also the Mud Crab Fattening adapting the latest approach in industry covering 5 communities in the municipality of Motiong, Paranas and Jiabong.
A Fish Cage project for Lapu-lapu culture and Piggery for hog fattening is also on the go.
In line with the non-financial services offered by SAMICO, a livelihood Skills Training has been conducted in coordination with the Technical Education and Skills Development Authority (TESDA) Pangulong Gloria Scholarship Program (PGS). The recipients of the said training are the household regular and associate cooperative members, in the area of Samar. Its main objective is to provide the trainees/scholars an opportunity to work locally and abroad and perhaps the possibility of engaging a livelihood activity to augment family income. Thus, a twenty six days skills training activity has been done.
Twenty three scholars/trainees from the different municipalities of Samar had successfully completed the TESDA Skills Training on Pipefitting NC II. The scholars/trainees were screened by SAMICO based on the status of the membership in the cooperative. They had undergone a pre-qualification process such as the National Career Assessment Exam (NCAE) or Youth Profiling for Starring Careers (YP4SC) which is administered by TESDA personnel. The said training started last March 23 and ended in May 5 of this year. The trainees had attended the training program religiously and complied with the attendance requirements in the training program. They had undergone a mandatory assessment prior to graduation.
The scholars/trainees received a full scholarship from TESDA which includes among others, full training costs in the amount of Six Thousand Pesos and Sixty Pesos Training Support Fund (TSF) per day. On the other hand, SAMICO offered free room accommodation to the scholars/trainees during the training period.
At present, the scholars/trainees are waiting for the employment/recruitment processing to be given by the TESDA accredited employer here and abroad. Likewise, SAMICO is monitoring them for possible employment and business opportunities.
As of December 31, 2008 SAMICO has a Total Asset of Eighty Million Forty Three Thousand Nine Hundred Thirty Four and Seventy Six Centavos. (P80,043,934.76), a total share capital of Three Million Eight Hundred Twelve Thousand Nine Hundred Twelve and Twenty Seven Centavos (P3,812, 912.27) and a Net Surplus of One |Million Sixty One Thousand Eleven Pesos and Seventy Two Centavos (P1,061,011.72)