The Perpetual Help Community Cooperative Inc. in Negros Oriental recognized 33 founding members for their contributions in improving the economic condition and quality of life of the members during its 50th founding anniversary this year.
PHCCI chairman of the Board Romulo Amarado said that with only P586 in contribution for capitalization from the 33 pioneer members in 1961, the coop now has about P5.8 billion in assets.
In 50 years, membership also reached 101,000 all over Central Visayas, a government press release said.
The PHCCI gave P33,000 in cash and plaque of recognition to each of the 33 founding members during its golden anniversary celebration in Dumaguete City recently.
Whether the recipient-member is still alive or has died, each received the equivalent cash and plaque.
Dumaguete City Mayor Felipe Antonio Remollo also gave tribute to the pioneering members of the PHCCI, who were part of the history of its growth as one of the region’s largest and most trusted cooperatives.
Remollo said the immense growth of the cooperative attests to the trustworthiness of the officers and member-owners, who firmly believe in self-help to meet their common needs, paying one’s dues to thrive, and ultimately transform their lives for the better.
One of the top cooperatives in the country, PHCCI is the first in the Philippines with a holding company, Amarado said.
Last year, the PHCCI allocated P100 million in calamity loan without interest, and is to be paid only starting September this year.
“We also provide assistance to people who are not members, like fire and typhoon victims,” Amarado said.
The PHCCI also allocated P200,000 in raffle prizes in a radio program that is open to both members and non-members.
Amarado told the honorees of his appreciation for their help to the community, adding “the PHCCI you started would continue to expand that is strong and healthy.”
The PHCCI members of the board also passed a resolution to honor the founding members for their role in the success of the cooperative and for what it has become.
Based on the audited financial report, the PHCCI earned P112.5 million as net surplus despite the pandemic.
With the sound financial standing of the cooperative despite the pandemic, the PHCCI has not retrenched any of its employees, the press release added.*