History of Lingayen Catholic Credit Cooperative


Published on

Published in: Business
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

History of Lingayen Catholic Credit Cooperative

  1. 1. Brief History of LCCrC Some fifty years back in 1964 a group of officers of the church religious organization and with the guidance and inspiration of the parish priest and aware of the economic problems of its members organized the cooperative intended to help its members. With contributions from the 29 founding incorporators’ personal money in the total amount of P 619.00 and with strong determination, the Lingayen Catholic Credit Cooperative Union, Inc. was born now known as the Lingayen Catholic Credit Cooperative. From this enterprising group, they elected their own officers from among themselves their BOD, treasurer, credit committee, auditor, etc. Office hours are held every Sunday after the mass and done under the convents. With painstaking effort, informing the parishioners of their existence and their business activity the cooperative started to grow. Although not so fast yet steady depending only on its own available resources with no government subsidy but purely on self-reliance. Likewise its officers did the job “gratis et amore” while its 2 or 3 staff contented themselves of their meager salary. It was on its 18th years of existence that it has reached its million mark and because of the increase of capital and membership extended to the community, business started to grow fast. Considering its low rate of interest compared to other lending institutions and other member benefits like patronage refund, interest on savings, medical and etc. LCCrC is now more competitive. But with its rapid growth, concomitant problems arise which has become a bigger challenge to its officers. To cope up with these challenges officers and staff have to attend coop in-service trainings, conducted by the accredited
  2. 2. service providers. To keep tract with the business activity a regular/special meeting is held every month as well as a quarterly meeting of all officers and staff in order for everyone in the organization be well informed of the day to day activities. With good customers service member benefit given, transparent business transaction, regular member education, and dissemination of the status of the coop contributes to its growth and as an effect livelihood activities started to grow, loans granted to housing projects, education of member’s children grow, acquisition of homelots, job placements, and many others needing money basis were allowed in the loaning program. We also note that other cooperatives in the country come and visit our coop as a part of their educative activities, noting what strategies and systems we adhere to which may also help them grow. It is to be noted that out of all our efforts to make LCCrC make a breakthrough in cooperativism, we were able to receive different awards, provincial, regional as well as national level and a Hall of Fame in being a most effective coop not only in this place but also the whole country. Such plaques, certificates adorn the coop hall. As a part of our good management efforts which earns for us much income, investments were made in NATCCO, other banks in the locality in order to earn more income. Some of our investment/assets made are two sub-division composing of 85 homelots sold to officers, staff and members. LCCrC also participated in implementing government projects like PMS school building, construction of deep wells in remote barangays, giant loans for the purchase of garbage dump truck, church repair and constructing retablo, assist in organizing other coops in Camiling, Bayambang and Bugallon as well. Our community involvement as a part of our social goal we have yearly projects like scholarships for indigent pupils public schools of Lingayen. Yearly Christmas meal for at least 250 indigent families, food aid to victims of floods and medical mission. Truly these are but some of our achievements but like any other enterprise LCCrC was not spared of big problems. This has to do with Treasurer, an officer who was attracted and tempted to stash some big amounts for her own personal purpose and left the organization without notice which up to now is a big case in court. Delinquency is another problem which LCCrC has to face every now and then. It seems as if as long as there is business of borrowing and lending, delinquency is there clinging to the activity. We have tried many other ways to solve this problem but this still exist. We presume this is a concomitant evil that co-exist with loaning because
  3. 3. borrowers of poor values are still there and whoever comes after us will surely back their hands to have it solve. For all of these achievements and pitfalls we would conclude that managing a coop that is expected to grow big and continue to grow rest not only on the technical aspect but more should rest on very sound values of officers and staff who are selfless, dedicated, trustworthy, honest and more attuned to good service to others before themselves but most of all God loving and God fearing. This is a brief history of LCCrC and only the salient activities are included. Should the upcoming officers want to know the specifies, we gladly refer them to the minutes of our meeting. Let it be known that this is the legacy we are leaving behind which may serve as a guide, an inspiration or a challenge to the future officers, staff and members. May it serve the purpose. Lastly, all these for the growth of LCCrC but mostly for the glory of God.