Newscoop sets annual assembly on Saturday

CEBU, Philippines - The Cebu News Workers Multipurpose Cooperative (Newscoop) is set to hold its 20th General Assembly on Saturday at the Marcelo B. Fernan Press Center in Sudlon, Lahug, Cebu City.

It will start with the Holy Mass at 8:30 a.m. to be officiated by Fr. Roberto Ebisa, also the president of Kapisanan ng mga Brodkaster sa Pilipinas (KBP) Cebu chapter, to be followed by the opening ceremonies with Presidential Assistant for the Visayas Secretary Michael Dino as guest speaker.

 The assembly will be presided over by Newscoop chairman Elias Baquero. Among the highlights of the activity is the election of officers, awarding of top performers and distribution of dividends.

Newscoop is regarded as the only successful media cooperative in the country today. It has a total asset of P37.904 million as of December 31, 2016. It has currently 1,500 members.

 Baquero considered the coop’s asset to be an all-time high since its inception way back in 1996. Newscoop started with only 34 founding members and a capital of P72,364.

 For the first time, Newscoop earned an all-time high profit of more than P1 million in 2012, a big difference from the net average income in earlier years at only P200,000; P300,000 or P600,000.

 Since 2012, the annual profit of Newscoop steadily grew with P1.002 million in 2012; P1.260 million in 2013; P1.778 million in 2014; P2.997 in 2015; and P3.843 million in 2016.

 The cooperative is extending P30,000 burial assistance to its members and P15,000 to dependents. Members who are victims of calamities will also get P3,000. On top of it, a P5,000 hospitalization benefit is granted to all the members.

The Newscoop is currently into several investments. It has invested P1 million in Sunlife; P500,000 in Philippine Cooperative Central Fund; and P400,000 in Cebu Credit Surety Fund (CCSF).  (FREEMAN)