Archives for October 30, 2013

WVCST-MPC Holds Ownership Meeting

            The Western Visayas College of Science and Technology Multi-Purpose Cooperative  held its ownership meeting on October 25 at the Covered Gym. This meeting was held to discuss concerns  in the cooperative, solicit ideas and feedbacks . Also the Chairman of the board of Directors , Dir. Samie M. Billanes gave his report on the financial condition of the cooperative as well as its current and projected investments, infrastructure development, welfare program and other plans for the benefit of the cooperative and most of all its members.

                It was learned from the manager, Mr. Joseph Ian Chavez, that the Current Assets of the WVCST-MPC is Php87,215,360, Fixed Assets of Php7,552,830 making a Total Assets of Php94,768,190. However, it was mentioned that they have a shortage of Php2.9M on loans because of delinquent payers. Because of this, the board will be sending a notice to each member who were not responsible enough to their payment obligations.

                Current investments of the MPC includes Coop Life Insurance  and Mutual Benefit Services now amounting to Php176,000, Jetti Gas Station thru Western Visayas Alliance of Coperative – Php1M, Western Visayas Alliance of Cooperative Time Deposit Php2,440,106.24 and Land Bank of the Philippines Php1,533,140.35.

                The coop has also acquired a 252 sq. m. house and lot property amounting to Php5M, a construction of a two-storey cooperative building amounting to Php5.2M Aand oprationalization of the Cooperative Boarding House, which has a development cost of Php500,000.

                As of September 2013, the assets of the coop reached Php105,000,000. (Large coop category) Its net surplus is Php4,050,000 (72%o of the target net surplus for the year 2014). It has a Capital Build Up of Php28,000,000 vs Php24,000,000 end of 2012, Reserved Fund as of September 2013 is Php4,705,000 and Term Deposit of Members is Php22,953,354.84.

                Come February 2014, the WVCST Multi-Purpose Cooperative will celebrate its 50th Anniversary and there are already planned activities that will be discussed more on the General Assembly.

                After all the Financial Condition and Operation of the cooperative were discussed, a Member’s Hour started wherein questions, suggestions and complaints were entertained and the Board of Directors promised to look into these things.

                On the lighter side, Dr. Luis M. Sorolla, Jr., the College President, is happy about the status of the cooperative in which he has been a member since 1980. He said that the MPC is growing, therefore there is no other way but for it to continue to go up and it lies not only to the board of Directors but also to its members.

                As of September 2013, there are 584 existing regular members, 32 existing associate members,9 new regular members, 33 new associate members, 6 members has withdrawn their membership and 3 members who already passed away.


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