A BRIEF HISTORY OF COA-PIMUPCO
The 8th day of October, 1992 is the reckoning date that gave birth to our cooperative. On that glorious day, fifteen (15) COA Regional Office officers and employees agreed to become the founders or cooperators of an investment, consumer and credit cooperative. As an offshoot of the burning desire, they have elected from among themselves the members of the board. On that day an election was held to elect interim officers, Mr. Carlito C. Matias was elected as interim chairman. He then give the seed money of P150.00. On October 15 of the same year, the founders contributed P1,000 each that served as the initial subscribed and paid-up capital. The incorporators are the following:
Interim Chairman : Carlito C. Matias, Sr.
Interim Vice Chairman : Josie T. Jacinto
Director : Maryville S. Labitad
Director : Artemia B. Bag-o
Director : Joy D. Galarrita
Director : Lita B. Arazo
Director : Mary Grace Pono
Manager Goods & Loans : Evelyn R. Galacio
Chairman, Audit & Inventory : Delia P. Lagumbay
Member, Audit & Inventory : Sylvia G. Vacalares
Bookkeeper : Mariano F. Ramiro
Chairman, Credit Committee : Alma C. Tubera
Chairman, Election Committee : Flerida B. Rubiato
Member, Election Committee : Ruth M. Maullon
Member, Election Committee : Salome C. Matias
From that day, the seed money was used to purchase goods/merchandise for sale, and within two (2) months of operation, the cooperative started its credit business with the release of loans to members at an interest rate of 2% per month. In January 1993 the cooperative declared dividends amounting to P2,103 and paid patronage refund of P1,457 after three months of operations. Assets at that time have increased to P51,257 without any liability. Net profit earned for the first three months amounted P5,147 or a profit ratio of about 30% of initial capital.
This remarkable progress has prompted the members to register with the Cooperative Development Authority (CDA) as primary non-agricultural multi-purpose cooperative on March 17, 1993. The cooperative was officially registered as the PRIME INVESTORS MULTI-PURPOSE COOPERATIVE (PIMUPCO) and registered under Registration No. CGY-1292. Later, by virtue of PIMUPCO Resolution No. 97-001 dated June 26, 1997, the name of the Cooperative was changed to COA-PIMUPCO. The change of name was officially approved by CDA per Certificate of Registration of the Amendment to the Articles of Cooperation and By-Laws dated October 31, 2001.
Ms. Josie T. Jacinto-Rodriguez became the first elected chairman of the cooperative while Ms. Glenda C. Ballentos was the first treasurer. The Articles of Cooperative and By-Laws was prepared by Ms. Evelyn R. Galacio.
In 2001, the new COA-PIMUPCO building was inaugurated. The P1.8M building was made possible through the support of former Senator Teofisto Guingona, Congressman Erasmo Damasing and Congressman Constantino Jaraula. COA gave P500,000 as assistance which was taken from the savings of their Trust Fund. The new building houses the PIMUPCO office and kitchen at the first floor and the Canteen at the second floor.
With the passing of time, several sets of officers have come and been gone and various events have helped shaped the cooperative to become what it is today. It has grown and is growing tremendously. But we will not stop here, we will continue to strive hard to make PIMUPCO not just a mere cooperative, but a cooperative marked with enormous success.