Newscoop sets annual assembly on Saturday
CEBU, Philippines — The Cebu News Workers Multipurpose Cooperative (Newscoop) is set to hold its 24th General Assembly on Saturday, June 10, 2023, 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. Cresenciano Ubod to be followed by the opening ceremonies with Undersecretary Joseph Encabo, chairman of the Cooperative Development Authority, as guest speaker. Coop Natcco Partylist Rep. Filemon Espares has also confirmed his attendance as special guest.
The assembly will be presided over by Newscoop chairman Atty. Elias Espinoza. Among the highlights of the activity is the election of officers, awarding of top performers, and distribution of dividends. Exciting prizes also await for the members who will attend the assembly.
Newscoop is regarded as the only successful media cooperative in the country today. It has a total asset of P52.726 million as of December 31, 2022. The amount is 8.6 percent higher compared to P48.550 million last year.
It has steadily increased both in assets and membership since its inception in 1996. From a share capital of P72,364 and 34 founding members, Newscoop has grown into a big family of 2,100 members with a total share capital now reaching P41.926 million.
Despite the challenges brought about by the Covid-19 pandemic, Newscoop performed well with gross revenue reaching P4.850M last year.
The revenue was derived from the various investments the Newscoop has ventured into. These include investments in shares of stocks in other cooperatives, cooperative federations, and other entities such as the Cebu People’s Coop Jeep, Agricoop, Coop Health Management Federation, LAMAC MPC, Fonus Cebu Federations of Cooperatives, Guadalupe MPC and additional deposits to Climbs Inc. and Natcco.
Newscoop also has existing deposits with Victo National Cooperative Federation and Development Center (VICTO), Philippine Cooperative Central Fund Federation (PCF), Metro Cebu Cooprenuers Surety Fund (CSF) and Ozian Realty Development, and many more. (FREEMAN)
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