April 4, 2019, Sulu Provincial Multi-Purpose Gym –
The Sulu Provincial Employees Multi- Purpose Cooperative (SPEMC) held its 15th Annual General Assembly at the Sulu Provincial Multi- Purpose signifying it’s 15th year in active operation.
Hja. Nida Dammang, SPEMC Chairman reported a 26 percentage rise in SPEMC’s capitalization compared to last year, now pegged at PHP 29,297,500.55, according to her management report to members.
Revenues generated by its Financial Credit services continues to be the main source of fiscal stability and growth for SPEMC.
Another important point, Dammang mentioned in her report is the completion of SPEMC debt payment to Land Bank of the Philippines.
Land Bank Jolo Branch Manager, Hji Felix L. Friales calls on SPMEC and other cooperatives to assists banks in providing access to financial capital and services in areas conventional banks are unable to reach.
“We only have one branch of land bank in a province with 19 municipalities to serve. The Cooperative is well suited for this putpose”. Friales, points out.
Provincial Cooperative Officer Omar Sangkula shared his idea of a more targeted objective for the SPEMC. In his speech, Sangkula advocated to address food security and poverty.
This would entail to touch base with wider variety of groups and individuals, and the inevitable entry of more external members towards a more diversified business model and engagement.
With the theme : “PROMOTING SELF SUFFICIENCY THROUGH COOPERATIVISM : SPEMC’s Response to Contemporary Challenges and Community Development”
The Cooperative’s social relevance is key in making the organization beneficial to its members and the community.
Guest of honor and Speaker Sulu Governor Abdusakur A. Tan II lauds the efforts of SPMEC to curb the prevalence of borrowing from loansharks.
“Financial and credit assistance from the SPMEC gave our employees and members, a viable alternative and provided a proper mechanism to ease their financial burden.”, Tan, remarked.
Governor Toto Tan a staunched supporter and benefactor of the SPMEC has been a driving force in the success of the Cooperative Movement.
In the last six years, SPMEC has gained extensive financial stability and growth in its membership.
Tan paved the way to allow casual employees to become members of the SPMEC.
It was during the term of former Governor Abdusakur M. Tan , in the early years of 2000, that SPEMC was organized.
Unlike other Cooperative movements, the SPEMC have constantly shared yearly dividends for the benefit of its members.