A coop’s story: From thousands to millions

CEBU, Philippines - The Mandaue City Public Market Vendors Multi-Purpose Cooperative was recognized by the city government for helping small businessmen, especially vendors engaged in small businesses.

Mandaue City Mayor Jonas Cortes lauded the success of Mavenco for its contribution to the development of the city, particularly on helping the vendors continue with their trades.

The mayor said the greatest strength of a cooperative lies in its ability to touch the lives of ordinary people and inspire them to cooperate and grow together. He said Mavenco does just that.

Mavenco is one of the biggest cooperatives based in Mandaue City.The cooperative started its operations with share capital contribution from 25 cooperators for a total amount of P62,500.

After seven years, with assets reaching P19 million, the cooperative decided to adopt financial intermediation standards and practices in operation.

Mavenco chief operations officer Junlee Jose Dacullo said after four years of operations, they were able to make their first expansion in Consolacion town.

The cooperative was able to open another branch in Lapu-Lapu City eight months after their opening of Consolacion branch.

Dacullo said from P19 million worth of assets in 2007, they were able to increase it to P110 million this year with members numbering more than 5,000.

He further said aside from Mandaue and Lapu-Lapu Cities and Consolacion town, they are also now expanding their operations in the different towns and cities in northern Cebu.

Mavenco chief executive officer Mariolito del Castillo said the success of their cooperative after 15 years is attributable to the support and cooperation of their members.

Mavenco-Consolacion branch manager Melbone Montejo told The FREEMAN that business opportunities are also made available to their members who want to start off a small business venture.

Some of their members start business through swine-raising, for example.

At present, programs and services of Mavenco include free dental services, Koopagtinabangay (mortuary services), money transfer, savings deposit, times deposit, special savings, kiddie savings and lending.  (FREEMAN)