The half-day event started with a Mass celebrated by Rev. Fr. Felix Rotor, parish priest of Balamban who is also a founder and organizer of a cooperative in that town.
The NewsCoop assembly's highlights were the election of new officers, performance reports, raffle of various items, awards of outstanding members, and distribution of dividends and patronage refunds.
NewsCoop board chairman Ma. Eloisa Fernan officially opened the event while managing consultant Roberta Verano presented the history and performance of the cooperative through its nine-year operation.
NewsCoop started in 1996 with only 36 members and P36,000 capital. Last year, its membership grew to at least 500 with P5.17-million in total fixed deposits.
The 2005 annual report stated that the total fixed deposits last year surpassed the P5.03-million target and a substantial increase from the P4-million total deposits in 2004.
It further said: "The total assets of P8.979 million last year slightly increased to P9.157M despite the offset payment for the past due loans."
As such, NewsCoop registered a total net surplus of P344,851 for last year, which was a 19 percent hike from the preceding year.
Twenty-three percent of the coop's members are workers from the broadcast media (television and radio), 13 percent from the allied media (newspaper dealers and newsboys), and the biggest are from print media or newspapers.
For 2006, NewsCoop is set to implement a bold plan to increase membership and assets by accepting the current members' spouses and children as associate members, said Verano.
Verano also highlighted the coop's benefits and privileges to the members, including quick loan, rice loan, SM City credit card, livelihood loan, and the bereavement fund, among others.
The coop housing committee then outlined the details of the housing program for members, one in Liloan town with Buildrich Realty firm, and the low-cost project in barangay Dumlog, Talisay City with Bethlehem Community and Habitat, of which 46 coop members have already applied.
NewsCoop has recently been accepted as affiliate of the Visayas Central Fund Federation, which provides funding assistance for the housing projects.
The assembly closed with the awarding of prizes to the coop's 23 top member-depositors, the distribution of dividends and patronage refund, and the raffling of items such as a television set and cellphone, among others. - Liv G. Campo