Brief History of the Sacred Heart Savings Cooperative
The Sacred Heart Savings Cooperativewas organized on April 2, 1972 as theGalimuyod Credit Union. A group of 33parishioners of the Sacred Heart of Jesus Parishin Galimuyod, Ilocos Sur took the initiative toorganize as a credit union. Fr. Edmundo Abaya,the Parish Priest, gave his full support to themovement. The union started with acapitalization of P916.00 and its principal officewas located at the Sacred Heart of Jesus Parishrectory.On December 18, 1984, the credit union wasconverted into a Kilusang Bayan pursuant topresidential decree no. 175 and LOI No. 23 andwas confirmed by the CDA on December 31, 1990,with the name Galimuyod Credit Cooperative.Later, in June 1997, the coop was converted into amulti-purpose cooperative providing legal basis forits expansion programs.Another amendment was made to its by-laws changing its name from GalimuyodMulti-Purpose Cooperative to Galimuyod Savings and Development Cooperative OnOctober 28, 2002 and expanding its area of operation to the whole province of Ilocos Sur. Asan offshoot to the amendment, the Cooperative put up its Branch Office in Candon located atthe De Leon Bldg, Abaya St. Brgy San Isidro, in July 2003. In February 2007, theCooperative opened its 2ndbranch office located at San Jose, Narvacan, and Ilocos Sur. Athird branch was put up in San Emilio, Ilocos Sur on March 15, 2009 to serve thecommunities in the uplands.
The name of the Cooperative was changed to Sacred Heart Savings Cooperative toprepare the cooperative on its expansion outside I locos Sur On July 13, 2010, thus, OnApril 12, 2011, the Cooperative expanded its operation to San Fernando City, La Union. Itwas then its entry point to open its operation to other places. Recently, another branch wasthen opened to Rosario, La Union on November 5, 2012. On June 10, 2013, a branch inRosales, Pangasinan was opened.The cooperative has indeed gone a long –long way since its organization in 1972. Alot of cooperative were short lived while the SHSC firmly stood in the ground, endured all thetrials an challenges that came their way and survived the test of time with the unfailingsupport and cooperation of members and officers and staff.The establishment of the business center in the heart of Candon City proved to be aright decision. Business wise, it has increased transactions, improving market share for bigaccount deposit accounts. Psychologically, the cooperative earned the trust and confidence ofmembers and the public as well. The members were prouder to have an elegant building,strategically located, convenient and comfortable for members to transact business both formembers and employees.For the strategic direction of the cooperative, the vision is “ a strong cooperative thatpropels community development”. The mission is “ to improve the living condition of thepeople by providing sound financial services and promoting values and solidarity amongmembers”.The core values of the cooperative are:integrity, professionalism, innovation,discipline, teamwork and social responsibility:WE work in all honesty and uprightnessfor the common good;WE deliver services to members efficientlyand effectively;WE continually effect new and novelprograms to keep abreast with the changingtimes;WE uphold the Code of Ethics in theperformance of our tasks;WE work together as one big family; andWE foster a culture of service while doingbusinessCoreValuesIntegrityProfesssionalismInnovationDisciplineTeamworkSocialResponsibility
The cooperative has the following products and services: savings including timedeposits; loan products (micro finance loans, regular loans, emergency loan, jewelry loan, andmulti-purpose loans);SAVINGS Regular Savings◦ Interest Rate: 2% pa◦ Maintaining Balance: P500.00 Prime Savings◦ For Children 17 years old and below◦ Interest Rate: 8% pa◦ Initial Deposit: 500.00◦ Fixed Deposit (Can be withdrawn only when theChild reaches the age of 18) or may be converted to Share Capital when theChild reaches the age of 18 Young Cooperators Savings (Young Cooperators Savers Club)◦ For Children 17 years old and below◦ Interest Rate: 2% pa◦ Initial Deposit: 100.00 (maintain 500 to gain an interest)can be withdrawn anytime or Can be converted as Prime Savings My Dream Savingsa) The depositor, when availing of the product, shall identify a project,b) Be it a small or large project that he/she intends to realize after a certain period.c) Depositor shall pledge a certain amount corresponding to the value of theproject identified.d) The depositor shall ascertain a term within which the amount shall beamortized.e) If the amount is not completed within the term specified, the term shall beextended for a period that is determined by the depositor.f) The account may not be withdrawn during the currency of the term.g) The deposit may not be transferred by the account holder during the currencyof the term.h) The deposit shall carry an interest of 2% per annum.
Saranay Savings Interest Rate: 2% Maintaining Balance: P500.00 Exclusively for saranay contributions onlyTIME DEPOSIT 3 m0s. 6 mos. 9 mos. 12 mos.10,000 to 99,999.99 7%p.a. 8%p.a. 9%p.a. 10%p.a.100,000.0011%p.a 12%p.a. 13%p.a. 14%p.a.and aboveLOAN PRODUCTSI- MICRO-FINANCE LOANSA. Micro-finance (Business)For small entrepreneurs who want to start their own business or improve their existingones.B. Micro-finance (Agricultural)For farmers who want to engage in livelihood projects or to finance their cropproduction costs.II. REGULAR LOANSA. Business LoansFor small and medium enterprises.B. Agricultural LoansFor farmers who want to finance crop production, acquire farm implements orequipment, farm inputs, agricultural facilitiesC. Multi-Purpose Loan. For non-productive purposes like house repair, medicalexpenses, educational expenses, acquisition of appliances, placement fees for Abroad,etc.
III . EMERGENCY LOAN -for emergency expenses.Amount: 5,000.00Interest: 2%Service Fee: 3%Term: One (1) month onlyIV. JEWELRY LOAN -pawn your jewelry for instant cash.Charges: Interest - 1.5%Service Fee - 1.5% , 3%Term: One Month OnlySARANAY PROGRAMAll members of the Cooperative automatically become members of the saranay program. Members have to maintain a Saranay Savings. Members must actively participate in the Capital Build-up. Members not participating in the Capital Build-up will be disqualified fromthe saranay benefits Members’ contribution = 500.00 per year Requirement for payment: Death Certificate Member must identify the beneficiaries to who the benefit will be paid. Prime savers are included in the program Age limit: 70 years old Service charge: 2% For new members 61 to 70 years old, the share chital must be 5,000.00 toqualify in the program.COOPERATIVE HEALTH CARE1. Benefits to members CLINICAL SERVICES- Free Consultation- Free Laboratory/Diagnostic Services- Free Pre and Post Natal Consultation
HOSPITALIZATION BENEFITS Hospitalization allowance of One Thousand Five Hundred Pesos (P1,500.00) per day of confinement. But if the aggregate total hospital billspaid, after deducting PhilHealth , Senior Citizen, and other deductions, isless than the computed daily hospitalization allowance, only the actualamount paid in the hospital as evidenced by official receipts shall be paidby the program. Surgical allowance of Ten Thousand pesos per year computed at OneThousand Pesos (P1, 000.00) per day of confinement. This benefit appliesonly when the surgery arises from an accidentATM. Installation of ATM in Narvacan Branch to further build the image of the cooperative.WESTERN UNION. prepaid card sales, money transfer, mobile money transfer, quick cashand quick payThe significant achievements/milestones of the cooperative are:1. 40thyears in existence with an array of services as multi purpose cooperative;2. From 33 member in 1972 to 11, 562 in 2012;3. 1998 Regional Winner in the Gawad Pitak awarded by Land Bank of the Philippines;4. 1999 2ndCDA Most Outstanding Cooperative National Level;5. 2007 CDA 3rdCooperative of the Year Award – Provincial Level6. From the Municipality of Galimuyod, Ilocos Sur, the cooperative has expanded itsarea of operation to the whole of Region I and Abram allowing to reach out to morenumber of marginalized people;7. Established six branches namely: Galimuyod Branch, Candon Branch, NarvacanBranch, San Emilio Branch, San Fernando City, La Union and Rosario, La UnionBranch. All the branches were refurbished to have a good ambiance and make theoffice attractive to members and to the public.8. For its financial highlight, Sacred Heart Savings Cooperative has a total assets of P376,292,786.19; Total liabilities 324,151,114.32; Net Worth P 52,141,671.87; Paid UpShare Capital of P 45,137,652.77 and Net Surplus of P 6,111,570.21;9. Founding member and strong alliance of Nueva Segovia Consortium of Cooperatives(NSSC);
10. Active members to National Confederation of Cooperatives, (NATCCO), Metro SouthCooperative Bank, Ilocos Sur Cooperative Bank; Cooperative Insurance System of thePhilippines (CISP) , and Cooperative Life Insurance Mutual Benefit System(CLIMBS) and Northern Luzon Cooperative Development Center (NORLU);11. Constructed a Cooperative Business Center along Morales St., San Isidro, CandonCity worth P 13.2 Million;12. 103 personnel complement;13. Installation of Management InformationSystem called KoopCAS. The systemcan process transactions faster, makingmembers more satisfied with the servicesoffered to them;14. Installation of ATM in Narvacan Branch.15. Adopted new approaches and techniquesin managing loan portfolio by having anew credit operations manual;16. Development of employees is also embodied in the new HR Management manual; and17. Provided health care services to members in terms of unlimited medical check ups,laboratory and diagnostics, hospitalization allowance maximum of P15,000,P 10,000.00 for surgical per year in partnership with Integrated ManagementServices . (IMS)Ensuring best practice across the range of services is more important more than ever.Arguably, in order to embed best practice and the skills in the cooperative, the employees andofficers need to understand best practices and the roles and responsibilities of every officer,employees and members. Among the best practices are enumerated below:1. Professionalization of operation based on the credit operation manual and alsoto streamline lending operation;2. Mineralization of HR Management to ensure that the employees are properlyguided and their benefits are assured;
3. Installation of ATM inNarvacan Branch to further build theimage of the cooperative4. Tie up with WesternUnion as agent to service fundtransfers of the members;5. The Board passed 81resolutions for 2012 on policyformulations and operation of thecooperative;6. Installation of CCTV in all branches to ensure security.7. The cooperative has 103 employees with benefits such as:13thmonth pay, Christmasbonus, medical allowance, clothing allowance, enrolled to SSS, PhilHealth and PAG-IBIG;8. The six branches contributed to theexpansion of membership andcontributed greatly to the upliftment oftheir economic status;9. The total volume of business amountingto P 241,570,557.00 also contributed tothe development of Region I and thecountry as well;10. Continuous education for officers,employees and members;11. Loan counselling and loan orientationto borrowers;12. It has declared 14.75 % for ISCPR; and13. The establishment of a P13.2 Million Business Center at the heart of Candon City. Thebuilding contributed to the visibility of the cooperative in the city. It has immensely
enhanced the cooperative’s image and earned the trust and confidence of the membersand the public as well.14. The cooperative provide saranay death claim minimum of P 70,000 and maximumP 200,000.00The CEO is Jaime D. Gaboy who served the cooperative for 18 years and the Board ofDirectors is chaired by Benedicto B. Aquino. The Sacred Heart Savings Cooperative has atotal assets of P 376,292,786.19 and Net Worth of P 52,141,671.87 for the year ending 2012.