TAGUM CITY, April 26 (PIA): Home-grown billionaire Tagum Cooperative is intensifying efforts to promote savings consciousness among its members as one of the backbone of its growth.
Guesting in the Kapihan sa Kapitolyo, Tagum Cooperative Board of Directors chairperson Norma Pereyras explained savings has enabled the cooperative to widely extend its services.
The cooperative puts together members’ deposits and investments so it can extend services such as loans, insurances and health care services to members, Pereyras said.
Pereyras said that Tagum Cooperative has been able to viably provide the needed services of its members, especially loans, because total savings have surpassed loan portfolio.
She revealed that Tagum Cooperative as of March 2012 kept P743.2 million savings deposits and P496.25 million share capital that had a combined total of more than P1.2 billion.
“That’s the trust that our members invest in Tagum Cooperative,” she said. The P1.2 billion total savings deposits and share capital was more than the P1.17 billion loan portfolio registered in the same period this year. Its 45th General Assembly report also the combined figure of deposits and share capital was more than the loan portfolio.
Tagum Cooperative as of December, 2011 accumulated a total of P455.04 million share capital and P708.20 million deposits that totaled more than P1.163 billion that was more than the P1.097 billion loan portfolio registered in the same period last year.
In the same occasion, Tagum Cooperative Board of Directors vice chairperson Monica Salido who sits at the Education Committee, said that Tagum Cooperative integrates financial literacy which emphasizes budgeting during its orientation seminar.
Salido also revealed that Tagum Cooperative requires its officers, management staff and personnel to support the cooperative by way of saving.
Aside from inculcating the value of savings, Tagum Cooperative also designs ways of encouraging members to invest more.
Among its savings strategies are the Save a Lot Advocacy (SalaD) and the Pabilisang Savings Para sa mga Drivers Advocacy (PASADA).
It also launched last year the Aflatoun Program in seven public schools in Tagum City to build the leadership skills of pupils as well as promote the value of savings.
Among the schools that adopted the Aflatoun last year were the elementary schools in Magugpo, Rizal, Mankilam, Laureta, La Filipina, Catalan and Apokon, all in Tagum City.
To encourage members to build up their share capital, Tagum Cooperative launched last year the “Go for Gold” campaign in recognition of members who had put in a capital share of P50,000 and more.
Giving high annual interest rates of seven percent to time deposits, forms part of its strategy to entice more investments from its members.
Meanwhile, Pereyras said that Tagum Cooperative makes it possible that members can benefit more by investing more as it grants them to use their time deposits and share capital, in availing loans.
“If you need money, you can get 90 percent loan from your time deposit or share capital,” she said. (PIA-11/Jeanevive Duron-Abangan)
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