See more Gallery posts ⟶

JPO cites Coop’s growth as he thanks members at annual general assembly

              From pandemic isolation to period of growth.  That, in essence, is how Ayala Coop Chairman J.P. Orbeta described the Coop’s journey in the past year as he cited the “palpable” growth that the Coop has undergone since it was practically put in a straitjacket by the Covid-19 pandemic for more than two years.

              Speaking through a recorded video at the Coop’s general assembly at the Blue Room of Tower One last April 20, Orbeta cited not only the continuous growth of the Coop in terms of membership but also its having been able to achieve its financial targets for 2022.

              “We are happy to report that on an overall basis, this (year of recovery) translated to a relatively respectable growth in (the Coop’s) financial targets.  Along with this growth, the Coop continued to reach out to communities, more particularly those affected by Typhoon Odette as well as by calamities in other parts of the country, in partnership with various partners in the Ayala Group of Companies as well as the Cooperative Development Authority itself,” Orbeta said.

Membership, loans go up

              Total membership continued to grow, reaching 37,577 in 2022 with more than 3,000 new members.  More than that, Orbeta said total loans released reached P1.78 billion, a four percent growth from P1.38 billion in 2021 as the number of loan releases rose to 13,749 from the previous year’s 11,299, a hefty 24.5 increase as more members began to take out loans after the pandemic.

              Orbeta, however, noted that the Coop also registered significant growth in three of the most important financial benchmarks – gross revenue, total assets and members’ paid-up share capital.

              He reported that gross revenue increased to P424 million from P403 million in 2021 for a five percent improvement, while total assets “continued to grow to unprecedented levels, rising by seven percent from P4.4 billion in 2021 to P4.7 billion in 2022.”

              It’s because of this he said that the Coop intended to amend its Articles of Cooperation and By-Laws to include a provision to increase its authorized capitalization from P3.5 billion to P10 billion.

Growth in paid-up share capital

              On top of the rise in assets, the members’ paid-up share capital also grew to P3.8 billion from P3.58 billion in 2021, an increase of six percent.  This, the chairman said, is “a clear indication of the trust and support of its growing membership roster.”

              Orbeta also cited the Coop’s continued efforts to address its members’ needs particularly during the pandemic through the Expanded Damayan Loan amounting to a maximum of P1 million as well as the multi-purpose loan, whose limit was increased to P2 million for a limited period, to enable them to provide for emergencies, including hospitalization and medical requirements, funeral expenses, debt consolidation and insurance.

              On top of this, he also said that the Coop remained active with the community-at-large, continuing to extend support to different schools under the Brigadang Ayala Program, which benefitted 13,213 young and underprivileged public school kids in various parts of the country through the provision of school kits and equipment and the refurbishment of their classrooms.

Education advocacy

              The Coop spent a total of P7.33 million for its education advocacy that also included a scholarship program, according to Orbeta.

              As the Coop’s Covid assistance drew to a close, he revealed that some 220 members still benefitted from this assistance amounting to P1.28 million while P1.25 million was also spent for other advocacies like feeding programs, health and wellness programs that included the blood drive and mental health program that covered 124 beneficiaries, and the Atletang Ayala Program that saw the Coop adopt one national athlete.

              In addition, food packs worth P306,000 covering some 500 individuals affected by typhoons were donated, while help from the Coop was also extended to micro coops through the CDA’s Coop Kapatid Program, with P180,000 being donated to the PWD Antipolo Consumers Cooperative and the Inang Kalikasan Agri Coop, benefitting 146 individuals.

Treasurer’s report

              Meanwhile, Lito Biacora, the Coop’s treasurer, also reported that this year’s dividend and patronage refund rates registered an improvement over last year’s average.

              Biacora said that with the allocated amount of P249 million for dividends over the total members’ average share capital of P3.6 billion, the resulting dividend rate was 6.83 percent, which was higher than the 6.79 percent in 2021.  Meanwhile, with P43.9 million allocated for distribution for patronage refund over the total amount of interest income, the resulting patronage refund rate was 13.39 percent, which was also better than the previous year’s 12.84 percent.  This he said means members who borrowed from the Coop would enjoy a rebate of 13.39 centavos for every peso of interest they paid.

              Biacora reported that the Coop’s net surplus actually went up by five percent from P328 million in 2021 to P344.6 million in 2022.  This was where the 85 percent for dividends equivalent to P249 million and the 15 percent for patronage refund equivalent to P43.9 million was allocated from.

Customer service team

              Orbeta, in concluding his report, said that the Coop will strive more than ever to address its members’ needs through a customer service team it has just put in place, saying that the move intends to bring about a “more effective communication system” for them.  Other areas of services he said would be explored to further make the Coop an even better “go-to place” for its members’ needs.

“As we go into another year, we would thus like to request for your continued trust and support even as we again express our gratitude to you for helping us see the Coop through, enabling it to overcome the challenges of the recent past,” Orbeta concluded while also thanking “our HR partners” in the Ayala Group, without whom he said the Coop’s job would not be as efficient and easy.

The Coop’s staff led by Ms. Orosa and Chief Finance Officer Jennifer Cura poses for posterity with Coop Vice Charman Ruel Maranan, who stood for Chairman JP Orbeta who had some important commitments for the Ayala Group.