Silago Multi-Purpose Cooperative
Area where the Scarborough Fathers were having their mission.
The core group of composing the Pastoral Council of the Catholic Church served as the Ad Hoe Officers and on November 9, 1974 Silago Cooperative Credit Union of SICOCU as famously known by Silagonhon was born. The cooperative was formally incorporated on February 16, 1976 by 15 incorporators and IOS members who adopted and approved the Articles of Incorporation and By-Laws with initial paid-up capital of P25, 041.29 on May 16, 1977, Silago Cooperative Credit Union (SICOCU) was initially registered with the MLGCD-BCOD, Quezon City as Pre-Cooperative and later re-registered as full pledge cooperative on May 11, 1984 by MAF-BCOD, Region 8, Tacloban City. In the early 1980’s political threat poses a challenge to its existence, however it was also the time to venture into new opportunities. SICOCU entered into partnership with various private organization and coop federation opening its doors to new business endeavors, several of which are agricultural based programs, then into transport and later on into consumer services.
On February 4, 1991 it was issued a new Certificate of Registration/Confirmation under its new name Silago Multi-Purpose Cooperative (SMPC) by the Cooperative Development Authority (CDA) by virtue of R. A. 9520. Since then, SMPC has grown in terms of programs, services and financial resources. From its inception to the present, membership has increased many times over. The original IOS is now 1,254 strong regular members and 926 associate members. The initial capital of P25, 041.29 is now P58.1 million in total assets and still growing.
What is Silago Multi-Purpose Cooperative?
Silago Multi-Purpose Cooperative is a cooperative financial organization, owned, operated and controlled by its membership. It is registered and regulated by Cooperative Development Authority by virtue of R. A. 9520.
WHAT IS THE DIFFERENCE BETWEEN A COOPERATIVE AND A BANK?
Cooperative like SMPC is owned by the members while banks is owned by its stockholders. Whatever profits the bank makes from its business, only the stockholders will benefit from it. On the other hand, while cooperative is also doing business, its member-owner who at the same its customer gets share of the profits proportionate to their Share capital contribution in the form of dividends and patronage refund.