It’s a good news indeed, that 1Cooperative Insurance System of the Philippines (1CISP) recently reported in their 45th General Assembly that their cooperative’s total assets grew by 65% year-on-year to Php 2.57 billion!
As the largest cooperative insurer in the Philippines, this is a good sign of the improving standing of the cooperatives in the country and it’s increasingly relevant impact for the Philippine economy,
2018 Record Growth
In a press briefing led by 1CISP president Roy Miclat held recently at Crowne Plaza Hotel in Pasig City, he revealed that 1CISP’s total assets as of end-2018 has reached P2.57 billion, a hefty 65% increase from the cooperative’s total assets of P1.55 billion in 2017.
According to Miclat, 1CISP’s record growth in 2018 was due to a positive business landscape for cooperatives during the year as well as their aggressive pursuit of new projects and programs for cooperative businesses in the country.
1CISP first breached the 2-billion-peso mark in assets in the 3rd quarter of 2018 when the cooperative posted total assets of P2.04 billion as of end-September. In three months, 1CISP added over half a billion pesos in assets to end 2018 with P2.57 billion.
He was joined in the presentation by Brig. Gen. Teodoro P. Evangelista, Chairperson and 1CISP Directo Sec. Senen Bacani. The announcement also coincided with the 1CISP 45th General Assembly held last April 12 & 13, 2019, in the same venue,
Miclat also reported that 1CISP ended 2018 with a net surplus of P216 million, a hefty 35% increase from the cooperative’s net surplus of P160 million the previous year.
The net surplus was distributed by 1CISP accordingly: a dividend rate of 12% and an experience refund of 7.19%, which is further broken down into a patronage rate of 2.40% and an experience rate of 4.79%.
“Our goal for 2019 and beyond is to further elevate cooperatives and make them known for what they truly are–an important pillar in national development,” stressed Miclat. “The launch of these three projects in 2018 was only the beginning of more things to come for 1CISP and its partner cooperatives,” he revealed.
Moreover, the cooperative also launched three major projects in 2018:
- 1Koop Leaders Academy.
Coop Kicks is the first-ever cooperative pitch fest in which young innovators and aspiring entrepreneurs were given a chance to pitch their ideas on cooperative ventures. Aside from participating in an entrepreneurship and technology boot camp, the winners will also receive a financial grant for their projects from sponsoring cooperatives and partners.
1KoopMart, in turn, is a project of 1CISP in partnership with retail giant NCCC to come up with the country’s first ever cooperative sari-sari store chain. Aside from the regular convenience store products. 1KoopMart will offer anything that cooperatives can produce as well as services by partner companies. 1KoopMart will provide cooperatives with a regular outlet for their products.
1Koop Leaders Academy is 1CISP’s partnership with Asia Select Inc., one of the country’s leading human resource companies. The 1Koop Leaders Academy is an up-skilling training program for future cooperative leaders whose objectives are to train young minds and build strong foundations in business, tech up their knowledge and skills, and become better cooperative leaders. HR experts and marketing professionals will serve as trainers and special lecturers.
1CISP is the leading insurance cooperative in the Philippines and the go-to organization for the protection needs of its cooperative members. 1CISP has been in operation for 44 years and has grown to having over 2,000 cooperative members and insuring around 700,000 individuals annually.