1Cooperative Insurance System of the Philippines' (1CISP) y-o-y total asset grew by unprecedented 65%, helped by favourable business environment
As a banker for 17 years, I’ve observed during my local trips that
many of our countrymen are apathetic when it comes to cooperatives. Cooperatives
are for farmers and fisherfolk, such is their mindset. A bit player, as considered
by big companies for many years, it is now having its field day helping the economy and the nation growth-building, as they show them how they are an important pillar in national development.
In the prime of this success is the 1Cooperative insurance System
of the Philippines (1CISP), the largest cooperative insurer in the Philippines
and one of the top 10 fastest-growing coop Insurers in the world.
During the press briefing held earlier at the Crowne Plaza which
is also 1CISP @45th Annual General Assembly 2019, Brig. Gen. Teodoro P.
Evalengista (Chairman, 1CISP), Roy S. Miclat (President and CEO, 1CISP) and
Sec. Senen Bacani (Director) presented their audited committee report of 2018
and their 5-year strategic plan (2019-2023), among other things.
1CISP ended 2018 with a record-high growth in assets, owing to the
favourable business environment in the local insurance industry. 1CISP
president Roy S. Miclat reported that 1CISP's total assets as of end-2018
reached P2.57 billion, a hefty 65% increase from the cooperative’s total assets
of P155 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 two-billion-peso mark in assets in the
third 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 P257 billion.
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%. This goes on to show how 1CISP makes things happen for its members and
future member-owners.
1CISP also launched three major projects in 2018-CoopKicks, 1KoopMart,
and 1Koop Leaders Academy.
Coop Kicks
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
1KoopMart 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
1Koop Leaders Academy is 1CISP'S partnership with Asia Select
inc., one of the country's leading human resource companies. The 1K00p 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 goal for 2019 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. 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.
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