Gledco: Top Performing Cooperative in Ilocos Region

Government of Laoag Employees Development Cooperative
SUCCESS STORY / BEST PRACTICES
Management’s Report

GLEDCO Top Performing
Cooperative in Ilocos
Region

A Lecture Presentation during
The Regional Gender Summit in Cooperatives
MMSU Teatro Ilocandia
City of Batac, Ilocos Norte
October 4-5, 2012

The Birth of GLEDCO
On Nov. 29, 2001, twenty (20) cooperators with one
hundred forty-five (145) members agreed to form a
cooperative, with the following main objective:
Primary: To create funds in order to grant loans for productive and
providential purposes to all members who are employees of the
City Government of Laoag.
Authorized Capital Stock:
Amount P 1,744,000
Shares 3,488
Financial Highlights Subscribed Capital Stock:
–Nov. 29, 2001 Amount 436,000
Shares 872
Paid-in Capital / Assets 125,000
# of Original Members 165


CDA Approval
LOGO / SEAL
The Cooperative
Development Authority
approved the
Certificate of Registration
(DAG-4458)
of
GLEDCO
on
January 22, 2002.

Year Amount Increase %
11/2001 125,000.00
A 2002 6,709,747.89 6,584,747.89 5267.80%
S 2003 21,540,721.72 14,830,973.83 221.04%
S 2004 36,434,224.76 14,893,503.04 69.14%
2005 48,825,704.39 12,391,479.63 34.01%
E
2006 69,262,209.93 20,436,505.54 41.86%
T 2007 93,240,818.97 23,978,609.04 34.62%
S 2008 121,802,769.87 28,561,950.90 30.63%
2009 150,375,938.07 28,573,168.20 23.46%
2010 174,231,554.63 23,855,616.56 15.86%
2011 248,502,648.97 74,271,094.34 42.63%


Increase in
Assets by P
74.271 M
Compared Overshoot
to 2012 2011
level target by
P 48.53 M


Capitalization
Authorized Capital Share Subscribed Capital Share Membership
Date Amount # of Shares Amount # of Shares Fee
1/22/2002 1,744,000.00 3,488 2,000.00 4 100.00
1/25/2003 20,000,000.00 40,000 5,000.00 10 300.00
1/01/2004 20,000,000.00 40,000 5,000.00 10 500.00
1/22/2006 50,000,000.00 100,000 10,000.00 20 1,000.00
1/27/2007 100,000,000.00 200,000 10,000.00 20 1,000.00
3/28/2009 150,000,000.00 300,000 10,000.00 20 1,000.00
5/02/2011 250,000,000.00 500,000 10,000.00 20 1,000.00

11/2001 436,000
2002 1,744,000 1,308,000 300.00%
2003 7,919,000 6,175,000 354.07%
2004 12,009,000 4,090,000 51.65%
Subscribed 2005 17,781,000 5,772,000 48.06%
Capital Shares 2006 36,984,000 19,203,000 108.00%
2007 61,731,000 24,747,000 66.91%
2008 92,038,000 30,307,000 49.10%
2009 110,411,000 18,373,000 19.96%
2010 126,845,500 16,434,500 14.88%
2011 152,464,500 25,619,000 20.20%


Subscription increased by P25.619M (20.20%)
compared to 2010 level.
Total Authorized Capital Shares is P250M.

Common Preferred
Shares
Shares
P 126,595, 500 P 25,865,000


P Year Amount Increase %
A 11/2001 125,000.00
I 2002 1,278,334.24 1,153,334.24 922.67%
D 2003 4,978,464.23 3,700,129.99 289.45%
2004 8,784,339.39 3,805,875.16 76.45%
-
2005 14,295,920.87 5,511,581.48 62.74%
U
2006 21,058,302.71 6,762,381.84 47.30%
P 2007 31,686,743.41 10,628,440.70 50.47%
2008 40,595,776.99 8,909,033.58 28.12%
S 2009 49,635,079.60 9,039,302.61 22.27%
C 2010 60,143,076.57 10,507,996.97 21.17%
2011 75,280,000.00 15,136,923.43 25.17%


Breakdown
Common Shares 59,290,000
Preferred Shares 15,990,000
Total 75,280,000


2002 3,776,315.22
2003 12,284,934.35 8,508,619.13 225.32%
2004 19,788,422.21 7,503,487.86 61.08%
2005 25,550,533.44 5,762,111.23 29.12%
Time Deposits
2006 40,555,458.23 15,004,924.79 58.73%
2007 52,134,038.00 11,578,579.77 28.55%
2008 67,960,568.06 15,826,530.06 30.36%
2009 85,602,735.61 17,642,167.55 25.96%
2010 94,364,770.59 8,762,034.98 10.24%
2011 141,996,906.41 47,632,135.82 50.48%


Breakdown # of Accts Amount
Regular Members 144 72,967,026.20
Time Deposits Associate Members 170 69,029,880.21
increased by Total 314 141,996,906.41
P47.632 million
(50.48%)
compared to
2010 level.

P PhP / In Millions
R 2011 2010
Year Amount
O
2002 8.815 Quarter Amount # of Accts. Amount # of Accts.
C
E 2003 30.110
1st 42.409 657 40.773 957
S 2004 37.057
S 2005 46.080 2nd 39.906 1,026 24.151 609
E 2006 61.650 Sub-Total 82.315 1,683 64.924 1,566
D 2007 71.590
2008 88.181 3rd 63.422 1,370 36.547 942
L 2009 112.277 4th 39.945 825 30.910 737
O 2010 132.381
A Sub-Total 103.367 2,195 67.457 1,679
2011 185.682
N
S
Total 773.823 Grand Total 185.682 3,878 132.381 3,245


Total loans for 2011 increased by
P53.30 million (40.26%) compared to
2010 level

Number of loans processed
increased by 633 (19.51%).

P 2 0 11 2 0 10 C ha nge s

R P a rt ic ula rs A m o unt % A m o unt % %

O C o ns o lida t e d 5 9 .15 0 31.86% 4 5 .5 9 0 34.44% 13 .5 6 0 29.74%

C
R e gula r 3 1.6 4 8 17.04% 3 1.115 23.50% 0 .5 3 3 1 %
.71

A ll P urpo s e 2 1.7 7 4 1 .73%
1 13 .9 6 5 10.55% 7 .8 0 9 55.92%
E P etty C ash 14 .2 4 2 7.67% 8 .5 5 3 6.46% 5 .6 8 9 66.51%

S M o ne t iza t io n ( B o nus ) 8 .7 4 7 4.71% 7 .2 7 5 5.50% 1.4 7 2 20.23%

S C he c k R e dis c o unt ing 14 .6 4 8 7.89% 9 .0 4 9 6.84% 5 .5 9 9 61.87%

E
H o us ing 2 2 .3 4 1 12.03% 3 .4 0 0 2.57% 18 .9 4 1 557.09%

B uy- o ut ( G F Is ) 0 .9 0 3 0.49% 2 .0 8 6 1.58% - 1.18 3 -56.71%
D B us ine s s 0 .5 5 0 0.30% 0 .7 0 0 0.53% - 0 .15 0 -21.43%

C ar 1.9 3 5 1.04% 1.2 0 0 0.91% 0 .7 3 5 61.25%

L A pplia nc e 0 .9 9 5 0.54% 1.3 6 5 1.03% - 0 .3 7 0 -27.1 %
1

O
C a la m it y 4 .2 4 5 2.29% 2 .0 15 1.52% 2 .2 3 0 1 0.67%
1

E xpre s s Lo a n 1.3 5 1 0.73% 0 .6 7 5 0.51% 0 .6 7 6 100.15%
A G - C a rd 3 .0 3 5 1.63% 5 .2 5 3 3.97% - 2 .2 18 -42.22%

N R ic e 0 .118 0.06% 0 .14 0 0.1 %
1 - 0 .0 2 2 -15.71%

S T o tal 18 5 .6 8 2 100.00% 13 2 .3 8 1 100.00% 5 3 .3 0 1 28.71%


Market Share - Loan Releases
2011 2010 Changes
Agency Amount % Amount % Amount %
GLEDCO 185,682,104 97.05% 132,381,389 95.59% 53,300,715 40.26%
GSIS 4,834,743 2.53% 5,059,768 3.65% (225,025) -4.45%
PAG-IBIG 803,908 0.42% 1,050,150 0.76% (246,242) -23.45%
DBP 0 0.00% 0 0.00% 0 0.00%
TOTAL 191,320,755 100.00% 138,491,307 100.00% 52,829,448 38.15%


GLEDCO gets the
biggest market share
with an increase of
P53.301M or 40.26%
in 2011 while the
other GFIs’ share
decreases.


Market Share - Loan Remittances
2011 2010 Changes
Agency Amount % Amount % Amount %
GLEDCO 136,697,848 97.77% 113,085,987 97.16% 23,611,861 20.88%
GSIS 2,533,198 1.81% 2,658,908 2.28% (125,710) -4.73%
PAG-IBIG 579,120 0.41% 637,276 0.55% (58,156) -9.13%
DBP 0 0.00% 11,534 0.01% (11,534) -100.00%
TOTAL 139,810,166 100.00% 116,393,705 100.00% 23,416,461 20.12%


increase
remittance level by
P23.612 million
(20.88%) in 2011
compared to 2010.
Other GFIs occupy
only a minimal
share in the market.

Gross Income from Loans
2002 762,507.50
2003 2,825,610.86 2,063,103.36 270.57%
2004 4,664,442.16 1,838,831.30 65.08%
2005 7,022,542.67 2,358,100.51 50.55%
2006 8,935,512.36 1,912,969.69 27.24%
2007 10,699,807.95 1,764,295.59 19.74%
2008 13,883,855.29 3,184,047.34 29.76%
2009 17,182,338.73 3,298,483.44 23.76%
2010 20,843,562.14 3,661,223.41 26.37%
2011 25,905,787.29 5,062,225.15 29.46%
Total 112,725,966.95


Gross Income 2010 2011
Particulars Amount % Dist. Amount % vs 2010 % Dist.
Loans 20,843,562 70.18% 25,905,787 124.29% 69.57%
Raffle draws 7,156,297 24.10% 8,524,821 119.12% 22.89%
Insurance (LPP) 331,606 1.12% 484,718 146.17% 1.30%
Pharmacy / Grocery 455,162 1.53% 547,573 120.30% 1.47%
Canteen 167,829 0.57% 139,034 82.84% 0.37%
Printing Services 309,291 1.04% 708,120 228.95% 1.90%
Loading Business 36,116 0.12% 10,375 28.73% 0.03%
Membership fees 97,125 0.33% 570,475 587.36% 1.53%
PLDT / Cellcards 29,912 0.10% 26,925 90.01% 0.07%
Interst (Bank) 47,228 0.16% 58,241 123.32% 0.16%
Philam Life 3,127 0.01% 2,596 83.02% 0.01%
Others 220,817 0.74% 256,540 116.18% 0.69%
Total 29,698,072 100.00% 37,235,205 125.38% 100.00%


Annualized Income
(Estimates)– P32.376
million.
Gross Income is higher by
P4.859 million against 2011
target
and higher by P7.537
million against 2010
actual performance

2011
Net Surplus / Dividends
Net Surplus (per FS) 9,160,982.49
Year Net Surplus Dividends
2002 581,787.04 465,429.63 Members' Benefits 11,348,569.96
2003 2,187,121.40 1,749,597.12 Actual Net Surplus 20,509,552.45
2004 4,196,614.65 3,357,291.72 Projections 15,713,238.52
2005 5,103,905.87 4,082,813.50 Increase 4,796,313.93
2006 6,237,615.29 5,381,783.81
2007 7,422,316.78 6,722,130.91
Dividends (per FS) 6,870,736.86
2008 9,035,035.47 8,237,872.25
Members' Benefits 11,348,569.96
2009 11,790,549.22 10,979,918.70
2010 15,815,957.69 14,728,651.26
Actual Dividends 18,219,306.82
2011 20,509,552.45 18,219,306.82 Projections 14,659,928.89
Total 82,880,455.86 73,924,795.72 Increase 3,559,377.93

We exceeded:
25000
1 2011 Net Surplus Target by P4.796M
20000 2 2010 Net Surplus by P4.694M
3 2010 Dividends by P3.491M
15000

10000

5000

0
2002 2004 2006 2008 2010

Net Surplus Dividends

Best Practices …
1. Very Supportive Local Chief Executive / Legislative
Department of the City Government of Laoag.
City Resolution # 2002-007, Series of 2002

Resolution Conferring Official Recognition to the
(GLEDCO).
Section 2
The City Government shall allow the free use of any
available space/facilities in the regular conduct of its operations
in consonance with Section 2 Article 63 of R.A. 6938 …

Section 3
The City Government shall allow the deduction of such
amounts from the payroll in consonance with Sections (1), (2)
and (3) under Article 59 of R.A. 6938 …

RA 9520, Art. 27, # 3 - Government Officers & Employees ….
Any government employee may, in the discharge of his
duties as member in the cooperative, be allowed by the head of
office concerned to use official time for attendance of the
general assembly, board and committee meetings of
cooperatives as well as cooperative seminars, conferences,
workshops, technical meetings and training courses locally or
abroad; Provided, That the operations of the office concerned
are not adversely affected.
RA 9520, Art. 62 # 2 - Privileges of Cooperatives
Cooperatives organized among government employees,
notwithstanding any law or regulation to the contrary, shall
enjoy the free use of any available space in their agency, whether
owned or rented by the government.

Resolution Declaring January 22 of each year as
GLEDCO Day in the City of Laoag.

Best Practices …
2. Commitment to Good Governance in its day to day operations
by Dedicated Officers and Management Staff.
a) Regular conduct of general / mid-year general assemblies.
b) Conduct of mid-year and year-end assessment and planning
conferences.
c) Regular conduct of two (2) board meetings a month.
d) Conduct of monthly / weekly meetings with Management Staff.
e) Conduct of monthly PMES (We have our own trainors).
f) Monthly financial statements are posted at bulletin boards /
distributed to different offices.
g) Monthly / Annual Performances are compared against Targets as
set forth in the approved Annual Budget.
h) Maintenance of Website / Facebook Account.

3. Committed / Supportive members of the General Assembly to
all the programs and plans of GLEDCO.

4. Innovative Savings Mobilization Programs

Share Capital (Members’ Benefits
of 8% based on ASC) 25%
Time Deposits (Regular) 5-8%
One Time Special Savings Account 5-8%
Regular Special Savings Account 7%
Savings Deposits 3%
Savings (Among Program) 3%
Kiddie Saver’s Club 3%

5. Enhanced Credit Facilities Features / Others
LOAN TYPE
Amount
1. Interest rates at 10%
Car/Housing/Business Loan 1.2 / 4M
Buy-out Loan (GFIs) 1.2M
2. Zero advance interest
Hold-out Loan (80% of TD/SC) 1.2M
Consolidated Loan 1.0M
3. Longer repayment period (ex.
Regular Loan 500T Housing loan to a maximum
Medical Loan 200T of 20 years)
Appliance Loan 150T
All-Purpose Loan 150T 4. Loans are covered by insurance
Calamity Loan 30T up to maturity period
G-Card Loan 15T
Petty Cash Loan 18T 5. Rediscounting of checks
Express Loan 5T @ 1% per month.
Rice Loan 1 cavan
Purchase Order (PO) 5T 6. Filing Fee – ¼ of 1% of gross
Check Rediscounting amount of loan or 100.00
Monet. of PIB/Loyalty/Clothing/Provident/RATA whichever is higher.
Retirement Pay/Salary/Honorarium/Hazard Pay

6. Continuous Capital Build-up Program
Capital Build-up – 50% of Interest on Capital & Patronage Refund (ICPR)
- at least 1% of each good/service acquired by the
member
Jan. 22, 2004 – reduced from 50% to 30% of ICPR
Jan. 22, 2006 – reduced from 30% to 10% of ICPR if paid-in capital
is P501 shares and above.
- reduced from 30% to 20% of ICPR if paid-in capital
is 201–500 shares
July 22, 2006 – continuous capital build-up through payroll deduction,
at least one percent (1%) of his/her monthly
basic salary or the amount of P100, P150, P200,
P250 or more, at the option of the member

7. Expansion of Membership

Jan. 22, 2002 - Elected Officials only
Jan. 22, 2004 - inclusion of associate members such as Elected
Officials, Department of Public Safety employees,
Casual employees and Heirs of members.

July 22, 2006 – expansion of membership, GLEDCO shall be open to:
1. any natural person, Filipino citizen, of legal age,
with capacity to contract;
2. any one of the immediate heirs of the deceased member;
3. an elected / casual / contractual employee of the
City Government of Laoag

Membership Membership
1600
Year Regular Associate Total Increase %
1400
11/2001 164 1 165 1200
2002 316 1 317 152 92.12% 1000
2003 456 2 458 141 44.48% 800
600
2004 515 6 521 63 13.76% 400
2005 582 15 597 76 14.59% 200
2006 619 62 681 84 14.07% 0

2007 624 131 755 74 10.87%
2008 645 203 848 93 12.32%
2009 710 240 950 102 12.03% % to Total City Employees
(1,056) as of December 31,
2010 721 299 1020 70 7.37% 2011 – 91.67%
2011 817 734 1551 531

8. Economic Benefits of Members thru
Members’ Benefits Distribution
Members' Benefits
Particulars 2011 Actual 2010 Actual Targets Variance
1 8% of Average Share Capital 6,797,505.88 5,359,238.63 5,600,000.00 1,197,505.88
1st Semester 2,568,239.38 2,055,110.84
2nd Semester 2,896,418.00 2,235,356.44
2% Additional 1,332,848.50 1,068,771.35
2 1st Raffle Draw 3,651,989.22 2,704,919.40 3,200,000.00 451,989.22
3 10% Interest Rebates 2,550,099.71 2,315,267.57 2,700,000.00 (149,900.29)
1st Semester 922,656.89 441,906.92
2nd Semester 1,094,266.47 1,268,769.43
5% Additional 533,176.35 604,591.22
Total 12,999,594.81 10,379,425.60 11,500,000.00 1,499,594.81
% to Targets 113.04%


Actual Members Benefits
distributed is 113.04% of our
2011 Target.
This is higher by P1.5 million
against 2011 target
& higher by P2.62 million
(25.24%) against 2010 actual
performance

9. Concern for the Community (Social Responsibility)

1. Scholarship Program
2. Mutual Benefit Program
3. Support to the Pamulinawen Festival
4. Assistance to the LCTSCC / ABC Programs
5. Support to the Wish Ko Kay Mayor Program
6. Support to the City’s Christmas Program
7. Search for the Kahanga-hangang Kawani Program
8. Support to the Environment / Oplan Dalus Program
9. Support to the Philippine Red Cross
10. Assistance during typhoon


Com. Dev't. Prog. 2005 2006 2007 2008 2009 2010 2011
SCHOLARSHIP/SUPPORT
- 15,000.00 - 24,000.00 31,500.00 78,500.00 78,500.00
TO ISKOLAR NI MVF
SUPPORT TO
PAMULINAWEN - - 44,000.00 50,000.00 50,000.00 75,000.00 50,000.00
FESTIVAL
SUPPORT TO PHIL.
- - 5,000.00 5,000.00 20,000.00 38,800.00 20,000.00
RED CROSS
SUPPORT TO "A CAUSE
- - 10,000.00 10,000.00 25,000.00 18,500.00 -
FOR AUGUST"
SUPPORT TO CCDC - - - 10,000.00 15,000.00 34,295.00 15,000.00
GAWAD KALINGA - - - - 15,600.00 20,000.00 -
SUPPORT TO MEDICAL
- - - - 13,200.00 11,435.00 -
MISSION
SUPPORT TO OPLAN-
- - - - - 50,490.00 1,000,000.00
DALUS


Co De' P g
m.v r
t o 2005 2006 2007 2008 2009 2010 2011
SUPPORT TO SEARCH
- - - - - 20,000.00 -
FOR MS. COOPERATIVE
SUPPORT TO
BREAKING THE
- - - - 6,000.00 - -
BARRIERS FOR
CHILDREN
SUPPORT TO "WISH KO
- 5,000.00 - - - - -
KAY MAYOR"
SUPPORT TO KAHANGA-
11,610.00 9,000.00 32,000.00 34,000.00 45,200.00 40,434.00 19,950.00
HANGA AWARD
SUPPORT TO CITY'S
- 24,000.00 - 25,500.00 - 26,500.00 64,000.00
CHRISTMAS PROGRAM
DONATION/
12,000.00 35,000.00 1,500.00 6,400.00 66,800.00 20,700.00 63,703.81
SPONSORSHIP

TOTAL 23,610.00 88,000.00 92,500.00 164,900.00 288,300.00 434,654.00 1,311,153.81

Total support to various Community Development Program
– P2,403,117.81


SCHOLARSHIP/EDUCATIONAL ASSISTANCE
BENEFICIARY AMOUNT GIVEN COURSE SCHOOL
PRINCESS SARAH DOMINGO 52,500.00 BSBA MMSU
KARL HANZ VALENCIANO 30,000.00 CIVIL ENGINEERING MMSU
AIDA KRIZELLE VALDEZ 19,500.00 B.S. ACCOUNTANCY MMSU
PRINZELLE STARR DELA ROSA 19,500.00 B.S. NURSING MMSU
MA. ELOISA VENTURA 3,000.00 B.S. PHYSICS UP
NATILYN DOMINGO 3,000.00 B.S. ACCOUNTANCY DWCL
TOTAL 127,500.00


Mutual Aid Program (Death Aid)
Year # of Recipients Amount
2006 1 129,200.00
2007 6 774,200.00
2008 5 727,200.00
2009 5 782,400.00
2010 5 860,600.00
2011 6 1,039,400.00
TOTAL 28 4,313,000.00

10.1 Expansion of Business Activities

10. Expansion of Business Activities
Period Ended Aug. 31, 2012

Gross Income - P567,022
Net Surplus – P63,252

Tie-Up with Camella Homes for our Housing Project.


As of 8/31/2012

Availments -
P22,227,081
10 Members


Acquisition of Mr. & Mrs. Joe Galiza’s
Gasoline Station @ Brgy. # 46 Nalbo


Period Ended Aug. 31, 2012

Gross Sales - P22,064,466.48
Gross Income – P1,748,487.28
Net Surplus – P595,780.01


Expansion of operation at the Laoag City Gen. Hospital / Introduction
of the Hospitalization & Emergency Assistance Loan (HEAL)
Provision for health and life insurance / Annual medical check-up of
all members.
Public Private Partnership with the City Government of Laoag for the
operation of the LCGH Dietary and Laundry Services.

10.4 Expansion of Business Activities at the LCGH


GLEDCO Cafeteria / Convenience Store @
Laoag City Multi-Purpose Center

Conduct of Two (2) Raffle Draws

Income Target – P5 million


Credit Partnership with and Puregold

Laoag City


CREDIT PARTNER PROGRAM

The Product
Product Features:
1. Payable in 4 installments
Zero (0%) interest on
member purchases.
2. Acceptable in all
outlets and Retail
Affiliates 70

Signing of MOA (Credit Partnership) with
September 28, 2012

2nd Petron Gasoline Station / Convenience Store at the
East of Iglesia ni Cristo, Brgy. 2, Laoag City

10.9 Expansion of Business
Activities

Construction of
GLEDCO
Building
@ the Lot
acquired from
Mrs. Mary Ang
(former Colonial
Restaurant )


FS as of / 8 Months Ended Aug. 31, 2012

Accounts 8/31/2012 12/31/2011 Changes %
Assets 298,854,326.59 248,502,648.97 50,351,677.62 20.26%
Loan Portfolio 230,568,897.78 210,567,498.29 20,001,399.49 9.50%
Paid-up Capital 87,141,500.00 75,280,000.00 11,861,500.00 15.76%
Deposit Liabilities 177,599,787.95 147,183,116.61 30,416,671.34 20.67%
Loan Releases 120,049,000.00 185,682,000.00 -65,633,000.00 -35.35%
Gross Income
8 Months 29,491,279.82 37,235,205.00 -7,743,925.18 -20.80%
Annualized 44,236,919.73 37,235,205.00 7,001,714.73 18.80%
Members' Benefits 10,738,223.69 12,999,594.81 -2,261,371.12 -17.40%


GLEDCO continues to
GLEDCO’s main objective: adhere to:

Total Satisfaction of G - Good Governance with
Members through L - Leadership in the Cooperative
Sector
Innovative plans and E - Empowered Members thru
programs to increase Economic Benefits
D - Dedication to the ideals of
Growth in Assets and cooperativism

Excellent C - Competitive and Committed
Officers and
Management Staff of an
Return on Investments
O- Organization par excellence


AGBIAG TI
KOOPERATIBA!!!

Gledco: Top Performing Cooperative in Ilocos Region

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