May 16 - 31 , 2017 PHILIPPINE ASIAN NEWS TODAY 11
One FilCo-op President ’ s message
One Filipino Co-operative of BC ( OneFilCo-op ) President ’ s Message given to the members the during their 8th Annual General Meeting ( AGM ) held on May 14 , 2017 at the Killarney Garden Housing Cooperative in Vancouver .
Greetings and welcome to the 8th Annual General Meeting of the One Filipino Cooperative of BC .!
On behalf of myself , my fellow directors , and staff , I would like to thank you all for coming this afternoon . Your attendance and participation today are of great importance as we look at what we have accomplished during the 7thyear of FilCoop and learn about how we can move forward in the coming year .
Once again , our celebration happily coincides with Mother ’ s Day , so we greet and congratulate our beloved moms on this special occasion .
We also convey our warmest gratitude to the Killarney Garden Housing Cooperative for hosting our meeting today .
We welcome all who have completed the requirements and become new regular members of One Filco-op .
And our biggest thank you goes to the loyal , committed and helpful members who have worked tirelessly to make our meeting possible today . We also welcome their families and friends who have joined our celebration .
As I stand here , I feel both proud and humbled because of the story of our FilCoop in the last year .
Please allow me to tell you
why .
First and foremost , the Board and Officers are pleased to report with confidence that , with a focused plan in place and thecontinued support of our members , we have achieved a positive bottom linefrom cooperative ’ s lending and other operations . In short , for the year ending December 31 , 2016 , our net profit stood at over $ 19 , 412.00 . This is a watershed because we can proudly say we have achieved a financial turn-around compared to 2015 .
We attribute this achievement to the dedication to the cooperative principles and practices of sound management and financial stewardship by the Board , General Manager and other Officers . I wish to highlight the role played by the Financial Management Committee , headed by Marichu Celi , and the faithful keeping of our financial records by committee members Sonia McLaughlinand Ingrid de la
One Filipino Co-operative of BC ( OneFilCo-op ) President ’ s Message given to the members the during their 8th Annual General Meeting ( AGM ) held on May 14 , 2017 at the Killarney Garden Housing Cooperative in Vancouver .
Pena . Theyupdated our financial records so that today we will be distributing your profit share and patronage refund either through cheques or automatic deposit to your account .
Kudos also goes to Board Members whose terms are expiring at this AGM . We , therefore call on and encourage , nominations for members of the Board of Directors as well as for the Credit , Audit and Election Committees . These opportunities are open to all co-operators . We invite anyone who wants to play a role in shaping policies , making decisions and implementing plans to come forward and share with us their skills , talents and experiences in the Board and the Committees .
The theme for today ’ s celebration is “ Pagharap sa Bagong Pangarap ”. In other words , together we will prepare ourselves to meet another challenge , to fulfill a new dream .
As we embark on another year as a cooperative , as a family , as a circle of friends and as a community of shared dreams , values and interests , I am reminded of the popular meaning of the number 8 among many cultures and people . In some cultures , including ours , the number eight represents infinity . On the other hand , eight comes after the number seven which , in numerology circles , signifies an end , therefore eight becomes a new beginning , the start of a new era . So , today , we are glad to share with you the beginning of the pursuit of another venture , the pursuit of a new dream .
In 2016 , we embarked on a partnership with the BC Housing Authority for our cooperative to venture into affordable housing for FilCoop members . After a series of consultations , research and networking , One FilCo-op ’ s leadership formed and registered a housing society with the BC Registry of Societies . Working as a housing cooperative , called Fil Cooperative One Housing Society , we continued to gather pertinent information , attended capacity building trainings , conducted planning activities , and networked with the housing cooperative sector to enhance our knowledge of , and capability in , achieving our new dream ( ang bagong pangarap ) of one day providing affordable housing to Filcoop ’ smembers . In the coming year , we will remain committed to informing you about developments , getting you engaged in the process , and consulting you about how to shape our dream into reality .
Turning now to One FilCoop ’ s operations in the last year , the Board and Officers remain to be guided by our Five Year Strategic Plan for 2014-2019 . Adhering to this long-term plan is what guides the leadership ’ s policies , decisions , actions and assessments . We are confident that following our plan closely and evaluating our targets regularly , we will not lose sight of how to keep moving . For example , I have learned that mid-way through our five-year development plan , we have now 230 regular members as against a planned target of 500 by 2019 . Our FilCoop is now almost a half-full glass whose other half will be filled by additional members that you and I , together , will continue to invite to join our ranks . So , let us commit today to doing just that . Can I count on you to keep spreading the word around , talking to people about FilCo-op , and enticing them to become members ?
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Our most popular and utilized service is micro lending or membership loan program . This is so because our micro lending addresses our members ’ need for funds when they need it to pay for a vacation in the Philippines or elsewhere , pay tuition fees and other loans or buy a car . Our microlending interest rate remains at 1.5 %, which we will keep reviewing to meet members ’ expectations . With new and current members increasing their membership share contribution , the main foundation of our loan funds , we see continued growth in this area . Jojo Palencia , our indefatigable General Manager , keeps cooking up ways and means of attracting new members through regular pre-membership education seminars ( delivered through live group sessions or online ), social activities , incentives , mass media promotion and networking . Our members have also contributed to membership growth through wordof-mouth promotion , referrals and invitations of family , friends and coworkers . Through incentives , such as raffle tickets , membersare lured to add more to their investment in our cooperative .
One FilCo-op ’ s Padalahan ng Bayan money remittance service , in partnership with iREMIT , keeps goingstrong . We are told that we ’ ve helped several members know their fund status in the homecountry through the help of Jenny of iRemit .
Another highlight of last year ’ s operation , is the introduction of changes to our Damayan Fund mutual help program , overseen by ourcapable director George Gaspar .
As a co-operative family , we are proud to inter-act with each Grotto
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