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PIA Press Release

Abra's richest coop has now P217-M assets

by Maritess Beņas

Bangued, Abra (6 March) -- The Abra Diocesan Teachers and Employees Multi-Purpose Cooperative (ADTEMPCO) had grown in terms of its total assets by 23%.

In a report made by the General Manager, Engr. Irene Bringas during its annual general assembly meeting on February 20, the assets of the cooperative increased from P176 million in 2008 to P217 M in 2009.

The enormous increase in the assets of ADTEMPCO is attributed by the increase in membership as well as in the services offered. The following increases were shown: 21% increase in the share capital from P44 M in 2008 to P53 M in 2009; 39% increase in savings deposit from P29M in 2008 to PP40 M in 2009; and the time deposits in 2008 rose from P65 M to P69 M in 2009.

The sales in the Coopmart had a tremendous increase from P69 M in 2008 to P119 M in 2009 which represents a sky-height rise of 73%. Loans disposed at P71 M in 2009 earned a net surplus of P8.3 M.

Other services offered by ADTEMPCO to its members and the general public are the loan services, micro-finance program, coopmart grocery, housing project, mortuary aid fund, laundry services, lodging services and allied services.

Meanwhile, the various committees of the coop officers continue to perform their functions to sustain its growth. The audit and inventory committee ensures the internal checks and balances in its operations, while the education and information committee continues to educate it general membership as well as prospective members since the membership to ADTEMPCO had already been made open to the general public.

ADTEMPCO has a total of 35 paid employees excluding the officers and committee members who are given financial remunerations for their services rendered to the coop's operations. (PIA-Abra) [top]

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