The Filipino Olympians

Manny “Pacman” Pacquiao proved to the world that we Filipinos can really be great! I believe we can replicate this again in our quest for long yearned Olympic Gold Medal. The question remains who will..?

2008 Beijing Olympic commenced and we once again send our best with hope and excitement that this time we will get what we always long for to bring the nation to the international map. The 15 Filipino Olympians can really make a difference and change the path of our international image and bring us to another level. We can’t do much but hope and pray that this time we can bring home the gold.

1. Mark Javier (Archery)
2. Henry Dagmil (Athletics)
3. Maristella Torres (Athletics)
4. Henry Tanamor (Boxing)
5. Miguel Molina (Swimming)
6. James Wlsh (Swimming)
7. Ryan Arabejo (Swimming)
8. Daniel Coakley (Swimming)
9. Christel Simms (Swimming)
10. Rexel Ryan Fabriga (Diving)
11. Sheila Mae Perez (Diving)
12. Tshomlee Go (Taekwondo)
13. Mary Antoinette Rivero (Taekwondo)
14. Eric Ang (Shooting)
15. Hidilyn Diaz (Weightlifting)

A Timely Move

The ongoing opening of FICCO Business Centers (FBCs) in such places as Medina, Lugait, and Initao, Misamis Oriental, as well as in Kiwalan and wet market in Iligan City, Linamon in Lanao del Norte, Nasipit Agusan del Norte, San Francisco, Agusan del Sur, Surigao City, Ozamiz City and Kadingilan, Bukidnon is in pursuit of this year’s theme: “FICCO: Reaching Out to More Communities.” This theme is actually a reiteration of the one adopted in the early 90’s when FICCO started to branch out that states “FICCO: Bringing Services Closer to the Members.”

The earlier theme became the cutting edge strategy that brought many benefits to FICCO as an organization in particular, and the membership in general. It catapulted FICCO to become the number one cooperative in the country in terms of membership and capital, as well as the number one community type cooperative all categories. It highlighted FICCO’s lead role and enabled it to pursue ambitious program of building an integrated coop financial system (ICFS). The ICFS envisions a strong unified coop banks and coop insurance system. These ICFS components are slowly taking shape with FICCOs investments in coop banks and CLIMBS.

When FICCO’s membership widened as an offshoot of the branching out, the coop was able to spend many of its fixed costs. This offset the initial high cost of opening and cultivating new markets. Thus, the return to members did not suffer. The wide based also positioned FICCO to offer more products and services at reasonable costs.

FICCO’s branching out also became the model of other enterprising cooperatives that also opened branches or satellite offices outside of their original area of operation. FICCO’s pioneering move sparked an unprecedented dynamism among coops in Mindanao, a dynamism never seen before anywhere in the country. These Mindanao coops brought financial intermediation even far flung places of the island.

The move to reach out to more communities is driven by transcendent desires of sharing the beautiful things FICCO bring to people. At present, there are still millions out there who have no access to competitively priced credit, insurance and other services. The products and services that FICCO offers provide a wide array of options that people can choose from according to their specific needs. At the same time these services insulate people, especially the grassroots, from the vagaries of life.

The value formation and reinforcements, the spreading of risks through mutual help, and the high return to members are additional yet potent ingredients that make FICCO membership worthwhile.

The opening of FBCs also has some positive impact to the pockets of our members. When this years theme was conceptualize, the price of gasoline was still P35 per liter and diesel at P28. These have since gone up to over P60 per liter for gasoline and P57 for diesel, with no end in sight. With soaring oil prices triggering the increases in prices of basic necessities, members will find some comfort I knowing there is a FICCO office near their homes and workplaces. This proximity will enable them to cut down on transport cost and transaction time.

Thus, the move to open FBCs turned out to be a timely response to the recent economic upheaval brought about by the unprecedented oil price increases and the worldwide food crisis. Let us pray the FICCO members will be blessed with enough ingenuity and industry to explore other business opportunities, ride out the present crises, and emerge even stronger with the help of our cooperative.

However, let us all be aware that the success or failure of these business centers hinges much on the support and cooperation of members living or working near the said centers. If these members will unequivocally sell the FICCO idea to their friends, relatives, neighbors, office mates, and acquaintances, there is no reason for these FBCs to fail. If we come to think of it, FICCO grew not because of high priced advertisement effort but through word of mouth. Come on, make your move. (ibdaba 7/16/2008)

SONA 2008 Live Video Streaming (webcast)

Live video streaming of SONA 2008 thru webcast can now be viewed. just click here

Credit Union Development Educator - Batch 10

Development Education Workshop:

The Development Education Workshop in Bangkok is one of my life’s most treasured training. Not because it is held in a foreign country with a plus on travel but it is because I’ve learned new insights and it renews my commitment to the cooperative movement and more so to our country as a Filipino.

Other than the Development in Credit Union education and cooperative awareness, the training gives me deep understanding of what we were called for in preserving and protecting the cooperative movement in the Philippines and in Southeast Asia. I am very grateful for the training and would surely bring the advocacy of credit union awareness wherever I go. It also gives me realities of what we Filipino’s have done so far in as far as the cooperative movement in the Philippines is concern.

I would like to speak more as a Filipino DE. What I have observed, what I have learned, and why we need more people who have unquestioned integrity and honesty in the cooperative movement in the Philippines.

The Culture:

“Talk More, Do Less” that’s what we Filipino’s are, we talk too much but we work less. We are good communicator in English than any other Asian nationals and they envy us for that. But what is very sad is we don’t walk the talk. Meaning we are only good at talking and not on implementing. It is either we are slow to implement or we don’t implement at all.

Chum Klung Chan Credit Union Ltd. size and successes struck me deeply. The visitation pounded my heart after knowing some of them were trained in the Philippines, specifically SEARSOLIN in Cagayan de Oro. I teach Cooperative Financial Management I and II at SEARSOLIN for the last three (3) years. And yet the biggest Cooperative in the Philippines is less than one-third (1/3) the size of Klung Chan CU, what a shame! I should be the one listening to them. I felt I have done nothing for my cooperative and the cooperative movement in my country. Nevertheless, this is a challenge for me to pursue and replicate successes thru best practices applications in my country whenever and wherever applicable.

The Lessons:

As a Development Educator in Asia it is my duty to spread the light for those who are still in darkness in my country as well as in Asia. I felt the burden of sharing the good news by lighting more candles of Credit Union awareness in Asia. “Creating a Real Difference” to the peoples lives that they may realize they matter to the communities where they belong and that they too could make a difference in their respective communities.

Empowerment – this I believe is what we need to advocate to our people. Most of them don’t know about it and never know they could have it in numbers. We could only make a good fight on social equity and justice if the people are empowered. If there minds are opened it is only then we could say we have conveyed our message successfully. As I always say in all of my speaking engagement that “there is not enough justice, where too few have too much, while too many have too little”, the equitable wealth distribution can only be attained by means of Credit Union and I believe there is nothing else.

The Calling:

It is said that many are called but few are chosen. It may not be for everyone to deeply feel the urgency for an unselfish service for the greater good nevertheless it is for everybody to feel the level of awareness that may be enough to spread the word because out of the abundance of the heart, the mouth will surely speak.

DE workshop creates awareness to those who are already in the movement to make them more convince to the Credit Union, equipped them for obstacles ahead, and sustain them to move them forward and finally “Creating a Real Difference in their communities”.

I know there are still many, many things to do out there. Only those who are going to step forward and say “Yes” are the ones who will get treasures in heaven. They are the ones who can outlive their lives because they will be remembered. They will be honored.

Thus, for the knowledge and for everything…

Thank you ACCU.

Judge This!!!

"coop-natcco party-list promises P1M" is the title of this in YouTube. I won't add anything to that instead watch and hear it and be the judge.

Bulgarian Music Idol

I'm just thinking this could somehow make you smile or pehaps laugh.

FICCO Officers and Management Pics

Consolidated Board of Directors Report: 53rd Annual GA of FICCO

Following is a summary of the state of our Cooperative from our Board of Directors for the operating year ended December 31, 2007:

Profitability

We realized a net surplus of P144 million, representing an increase of 22% over last year’s P118 million. This, despite recognizing P39.7 million for additional allowance for probable losses on our loans released and not attaining our loan target for 2007. This provision also makes us compliant with international standards for loan loss provisions.

Liquidity

Our total cash as of year end amounted to P 387.95 million, or 16% of our total resources, higher than last year’s 13%. We have sought more attractive rates for these excess funds since we need better returns than the 4-5% on time deposit offered by banks but to no avail since we offer up to 6.5% interest for time deposits, 4% for savings, 8% for retirement savings and up to 10.75% for interest in share capital, yet only charge 9% for loans.

Stability

Our share capital to total assets ratio increased to 38%, or 7% higher compared to 2006. Our statutory fund to total asset ratio also rose 6.2%, compared to 5.8% for the previous year. Our statutory funds fully funded our total property and equipment. Equity increased 24% to P 176 million compared to last year. These figures reflect FICCO’s self-sustaining capability over the long-term.

Growth

Our total resources increased 30% or P 480 million from P 1.92 billion to P 2.40 billion by year end. This increase was sourced from loans to members and their deposits in savings and share capital. Our total number of members increased 16% to 103,854 from 89,307 in 2006, making us the biggest cooperative in the country in terms of membership.

Based on the aforementioned figures, the FICCO Board of Directors has declared a modest 10.75% rate on Interest on Share Capital and 9.25% rate on Patronage Refunds. These are higher compared to last year’s figures of 10.50% and 9.0%, respectively. These are also higher than most commercial banks in the country have declared for the same period.

Our loan releases for 2006 has been pegged at P 2.52 billion, which we deem sufficient to make a big difference in the livelihood and daily sustenance of our cooperative members as well as trickle down to spark further economic activity in the rest of the region.

Other significant accomplishments

Besides the financial aspects of our accomplishments last year, we are also proud to share with you the following which have complemented FICCO’s growth for the period:

Branches and Business Centers

· We have opened three new branches in the following areas:

o Davao City at Bangkerohan

o Maranding, Lanao del Norte; and

o Bayugan, Agusan del Sur

· We are planning to add several more branches and business centers in various areas of Mindanao.

Human Resource Development

· Appointed three (3) new branch managers in connection with the opening of additional branches.

· The Board of Directors approved the creation of the position of Chief Executive Officer (CEO) and three (3) Regional Managers.

Mutual Benefits Association

· For the year ended December 31, 2007, the FICCO MBA generated over P2 million pesos.

Misamis Occidental Cooperative Bank (MOCB)

· With five (5) of the nine (9) members of the Board, FICCO now exercises significant control and influence over the operations of the MOCB.

· Through a General Assembly Resolution, MOCB has been renamed “First Community Cooperative Bank” pending approval of the Bangko Sentral ng Pilipinas (BSP).

Cooperative Bank of Davao del Sur (CBDS)

· Our Board of Directors approved a P10 million investment in CBDS.

· As a result of this, FICCO now sits as a member of the CBDS Board of Directors and now exercises control over the bank’s operation.

Computerization

· Our Board of Directors has contracted G2G Computer (a General Professional Partnership) to develop a new computer program to upgrade our online services for FICCO members.

Amendment of By-Laws

· The Cooperative Development Authority (CDA) has approved FICCO’s amendments of its By-Laws, as follows:

o Expanded scope of operations from Mindanao to the entire Philippines.

o Added Funeral Services and Mutual Benefit Association as part of its primary purpose.

Financial Highlights

as of December 31, 2007

(in Million Pesos except for no. of members)

Despite the unsuccessful conclusion of our bid for a more direct and active participation in our political system as a party list, we shall keep pursuing our dream. We have been a positive agent of change through social, economic and cultural initiatives through the cooperative ideal and its principles, and we shall continue to pursue this ideal and principles in the spirit of cooperativism.

For the Board of Directors and Management

Atty. PROCULO T. SARMEN

Chairman

CHAIRMAN’S MESSAGE "FICCO 53rd G.A."

Cooperatives have proven to be highly effective in improving the quality of life of peoples all over the world. FICCO is an outstanding example.

FICCO has never been an overnight sensation. Neither was it built nor created by just one individual. It is a collective accumulation of cycles of transition, discovery, hard work and more importantly, collective effort. Great leaders, committed volunteers, diligent staff and supportive members comprise the FICCO Team in striving to reach out and attain its vision and mission.

The journey to success is long and arduous. But the forerunners of this cooperative kept their minds towards achieving the dream of SERVICE, EMPOWERMENT, AND UPLIFTMENT.

FICCO now has a 103,584 strong membership base and 2.4 Billion Pesos in total assets as of December 31, 2007.

Through over 50 years of service, FICCO's philosophy of self and mutual help has been demonstrated by its owners-members in terms of money saved, money borrowed and money paid back.

Quite a remarkable feat for an organization that is not for charity, not for profit but for service.

Our three business pillars of growth, i.e., Credit, Insurance through the FICCO Mutual Benefit Association and Funeral Service, are now being pursued to address the ever changing times and hurdle the identified needs of our members.

At present, we have twenty seven (27) business centers strategically located to cater to members' needs and we plan to put up more in the future. We took bold steps to undertake revolutionary services that will forever change the face of the cooperative movement in the Philippines. Soon enough, FICCO will become a national model of modern financial solutions among Filipino cooperatives.

Our aim is not only to become the biggest cooperative in the entire country, but also to become the most dynamic and proactive cooperative that will cause a ripple effect towards good governance, stability and sustainability.

Fellow cooperators, let us be one in solidarity to promote cooperativism and blaze that trail for others to emulate. We remain the Philippine industry's No. 1 and biggest open-community type multi-purpose cooperative, and we expect to sustain this with our Volunteer Leadership and Spirit of Cooperativism.

(Sgd.) PROCULO T. SARMEN
Chairman

FICCO MBA Board of Trustee Report

Today marks another milestone for the history of FICCO to conduct the first General Assembly of the FICCO Mutual Benefit Association (MBA). If we recall last August 23, 2007 the SEC approved the registration of FICCO MBA and subsequently got its licensed from the Insurance Commission last November 8 of the same year.

With this new segment to provide a total member care by increasing the percentage of insured individuals, FICCO is optimistic in its outlook to elevate the cooperative movement to a higher level. The FICCO MBA is slowly gaining acceptance in the general membership of FICCO and for a short stint of almost 3 months to operate in the year 2007 we have the following data for the FICCO MBA’s Financial Status:

	2 0 0 7
	(Almost 3 mos.)
MBA enrollees	7,623
Total Membership Fee	P 715,260
Membership contribution	P 1,200,412

Plans:

The forthcoming 2008 operation remains promising for the FICCO MBA operation as we targeted 33,000 additional members and a Gross Income of P 29.129 Million at the end of the year.

The growth and responsiveness of the program is the basic prerequisites of determining its pricing, thus, members support plays a pivotal role in the success and mainstreaming FICCO MBA to the general membership.

As it is the written mandate of the FICCO MBA to carry out the objectives for which it was created, early judgment from the few has no room when nothing has been seen wrong about it yet. It is the Board’s desire to convey to the members that this is another chance of FICCO to make a difference in the place where we operate thus let us optimize and seize the opportunity.