Western Bicutan Stallholders and Vendors Multipurpose Cooperative 3.72

BRIEF HISTORY/BACKGROUND OF COOPERATIVE

The group of Stallholders and Vendors of previous LMR Market had formed and put up a Cooperative last March 2012. Starting with the Orientation given by the Cooperative Development Office of Taguig, followed by the PMES, which was held on the same month at Sunshine Plaza Mall, FTI Complex Taguig City. After the PMES, the name Western Bicutan Stallholders and Vendors Multi-Purpose Cooperative came in existence with 48 original cooperators that put in their resources as capital amounted ₱312, 500.00.

The WBSVMPC was duly registered and approved last July 31, 2012, with its Authorized Capital of 5 Million Pesos, under the Cooperative Development Authority - Manila Extension Office, with CDA Registration Number 9520-16022165.

The Cooperative started with lending service on its first year (2012) which was patronized by the members of the Cooperative.


On its Ninth Month, which was April 2013, the Board of Directors submitted a letter of intent to the FTI Management for managing the former LMR Market located at Rambutan road Western Bicutan, Taguig City and eventually succeeded and started managing the operation of the Market immediately on the same month.
By the end of the year, the cooperative has an Asset amounting to ₱9, 192,039.39 with a total of 83 membership.

On July 2014, the Cooperative started to operate an NFA rice retailing business which was timely since the commercial rice was quite expensive for the community folks as a consequence of our business partnership with MWCI Kabuhayan Para sa Barangay, which granted a Loan Program with zero (0%) percent interest. On September 9 of the same year, the cooperative filed the Amended Articles of Cooperation and By-Laws, increasing its Authorized Capital to 25 Million Pesos. By the end of the year, the cooperative’s membership has grown to 105 and with a total Asset of ₱15,997,137.40.

The Amended Articles and By-laws was finally approved by CDA-MEO on February 27, 2015, with Amended Number 9520-16022165-1. Mid 2015, the Cooperative was able to secure franchise with the company that owns ATM (Automatic Tubig Machine) providing our customers an affordable, cold and purified water within the market area.

On July 1, 2015, the Cooperative entered into an agreement of lease with the Holly Berry Food Venture Corp. concerning the market designed property located at Lot 18 & 19, Blk. 307 Zone 6, #15 Rodriguez St. Brgy. South Signal, Taguig City, which later housed vendors, both for Wet and Dry goods, mostly from Coop Members and Vendors from within the surrounding area.

As of today, the Cooperative is successfully managing the market providing rental space services, NFA rice retailing and Automatic Tubig Machine (servicing both members, non-members, and the community) and the lending service exclusively for the members. By the end of the year, its total Asset is ₱ 21,588,754.10, with its total number of 143 membership.

COOPERATIVE ACTIVITIES, PROJECTS, OR INITIATIVES THAT PROMOTE SOCIAL and ECONOMIC DEVELOPMENT IN THE COMMUNITY
A. Systematic Relief Collection and Distribution. The Cooperative has been very vigilant for calamities and early to respond for relief distribution.
B. Fire and Earthquake Drills. The cooperative has been consistently in the forefront of equipping the community in proactively responding to Fire and Earthquake.
C. Ongoing Socio-economic Development Formulation. Though the cooperative is relatively young, its leadership is seriously undergoing dialogues and planning in order to create a Sustainable Socio-economic Development Plan.
IV. COOPERATIVE’s BEST PRACTICES
The Cooperative solely based its development through our continued adherence to the Implementation of the Balance Scorecard. Hence, the following indicators serve as our “best practices.”
A. Growth and Leadership Development
The cooperative has established a program to address Leadership vacuum and ensure competency among its officers and employees.
B. Internal Processes
The Cooperatives' business is delivered with efficiency through Policies with enabling Processes has been the established.
C. Member-Customer/Client Relation
To ensure Member-friendly environment, the cooperative has established a dynamic Communication and Feedback mechanism and creative dialogue. This approach empowers the cooperatives member and thus reinforces its democratic processes.
D. Financial Accountability
The cooperative installed a sound financial management system based on the best Cooperative practices common among cooperatives. This measure makes its financial growth robust, making it economically competitive.
E. Social Impact
Making the cooperative true to its mission of “being a socially responsive” enterprise, various Plans and Projects are being developed continually to address the challenges of the surrounding communities.