Resilient through the years, the Cooperative has been operating successfully. Thus, this year 2019, the Board in consultation with the Unit Representatives, the Members of the Committees, and the Cooperative Development Authority (CDA), deliberated on the possible conversion of the Cooperative from Credit Cooperative to a Multipurpose Cooperative. Careful study and deliberation were also done on the proposed amendments in the Articles of Cooperation and the By-Laws of the Cooperative. The results of the deliberation were presented for consideration and approval of the General Assembly held on March 19, 2019. The CDA approved the conversion of the Cooperative to a Multipurpose cooperative on July 2, 2019 under registration no. 9520-01000797.
COOPERATIVE PROFILE
BRIEF HISTORY/BACKGROUND OF COOPERATIVE
As a church mission, the commitment to serve and alleviate people from depressive economic condition spurred the late REV. FR. JAIME QUATANNENS, a Belgian Missionary of the CICM congregation assigned in Tubao as parish priest, to organize the credit union or cooperative. In his heart, he was determined to find an alternative lending facility other than hose provided by unscrupulous moneylenders. On August 13, 1966, with 39 pioneer members and a starting paid-up share capital of ₱314.00, the Tubao Credit Union, Inc. as originally named was formally organized and was registered with the Cooperative Administration Office (CAO) under RA 2023, and approved on October 26, 1966 under Registration No. 001503. It survived under the principle of self-reliance and sacrifice through God’s help.
On August 15, 2019, the Cooperative adopted its new name, the Tubao Multipurpose Cooperative (TMC) and started officially its operation. As of August 2019, TMC is worth Php 1,364,357,585.84 in total assets.
The bounds of membership which originally was confined within Tubao, has been extended to accommodate all the towns of Luzon. An answer to the clamor of other disadvantaged people for a respite from their humble economic conditions. Membership keeps on increasing and as of December 2019, it ranks 2nd in terms of membership (29,856 regular members, 295- associates and 1,257- kiddie saver’s) a total of 31,408.