Newscoop earns P1M profit in 2012

CEBU, Philippines - For the first time in its 17 years of existence, the Cebu News Workers Multi-Purpose Cooperative (Cebu Newscoop) posted P1 million profit in 2012.

Newscoop Chairman Elias O. Baquero said that the income as of December 31, 2012 was 29.47 percent higher than that of 2011 under the previous management.

Baquero, who is in his second term as Newscoop chief policy-maker, said that the revenue came from interests from loans, service fees, filing fees, penalties and surcharges, membership fees, interest from investments, and miscellaneous.

Baquero is ably assisted by The Freeman’s Marlinda Angbetic Tan as vice chairperson.

This “all-time high” income since Newscoop was founded in 1996 was the result of good policies formulated by the Board of Directors and good management. Another factor was the reduction of expenses by 14.81 percent despite the increased cost in trainings and seminars for directors and officers.

Newscoop is currently managed by Evelyn Sarsale who is an accountant.

The other members of the Board are Fred P. Languido, John Rey Saavedra, Flor Z. Perolina, Liv G. Campo, Gabriel Malagar,  and Gregorio Rubio, all of The Freeman; and Oscar C.  Pineda, Joseph Elvir C. Tubilan and Luz Cuyos, all of Sunstar Cebu.

Due to the increase in income, Baquero said the dividends for all the members which will be given during the general assembly this coming April will definitely increase. The amount of dividend a member receives depends on his share capital.

According to Baquero, Newscoop operates like a bank, but unlike regular banks which are under the Bangko Sentral ng Pilipinas (BSP), Newscoop is under the Cooperative Development Authority (CDA) of the government.

Quick loans below P25,000 is processed and released within 24 hours.

The CDA is regularly conducting inspection and reviews the records of Newscoop, a consistent recipient of a certificate of good standing.

CDA 7 Director Philip Deri said that as per records, Newscoop is the only successful media cooperative in the country.

Newscoop member will receive P17,000 assistance from the bereavement fund if a family member dies. The family of the late radioman Marlon Belleta had availed of the fund. Victims of calamities such as fire, flood and typhoon will also receive P3,000 each.

The Newscoop recently signed a business partnership with the Guadalupe Multi-Purpose Cooperative under Chairman Napoleon Sentillas to augment its income for 2013.

—PR/FPL (FREEMAN)