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SMCC Holds 3rd Annual General Assembly

SMCC 2022a

The Santa Monica Credit Cooperative (SMCC) held its blended 3rd Annual General Assembly on May 14, 2022 at Aula Magna Hall, Pilgrim Center, Basilica Compound, Cebu City. Registration started at 8:30 in the morning and was attended by 42 regular members. BOD Secretary Marlou Guinita mentioned that as of 9:45 in the morning, the meeting had reached its quorum.

On behalf of the Chairperson of the Board of Directors, the meeting was called to order by Vice-Chairperson Fr. John Paul S. Mabanta, OSA. He welcomed all who were present at the general assembly meeting and asked the members to applaud the occasion. Key note messages were also shared by Board Treasurer Fr. Jose Rene C. Delariarte, OSA who said that, “I am confident that if we will deepen our understanding, commitment, and dedication to what we stand for as a cooperative by heart, practicing and embedding our values and principles as people of God, we can be as strong as ever with each other’s cooperation.

Secretary Guinita was then called to read the minutes of the previous general assembly meeting. It was approved and seconded.

The General Manager Ms. Marivic Codinera-Makinano (on behalf of the management) reported the operational performance and financial highlights of the cooperative for the year 2021. She stated that the coop’s assets grew by 16.5% to P926, 812.50 from P153, 397.50 when it started in 2019 while membership rose to 115 members from 27 start-up members.

The assembly presented the activities conducted over the previous years and approved its plan of expanding its services by becoming a multipurpose cooperative. The envisioned multipurpose cooperative will be a one-stop-shop for market venues and product display center. 

The committee action plans were also approved and confirmed. In pursuit of its vision providing effective and service to all and to strengthen its social responsibility to its members, SMCC also offers wide variety of loan offers to include educational loans, salary loans and livelihood start-up loans among others. The opportunities for loan offers gathered positive reactions and hopes from the members who were willing to avail of the loan offers. 

Following the reports from the management, the official election for new set of Board of Directors and committee officers were conducted through a secret ballot election.

The results of the coop election presented two new members of the Board namely: Fr. Andrew P. Batayola, OSA and Fr. Basiliio Sugata-on, OSA. Chairpersons were also elected for Audit Committee, Fr. Melitito Pocholo Visda, OSA and Election Committee, Mr. Dennis Abarientos. They will be taking their oath of office on July 12, 2022 to be officiated by former dean of PUP-Institute of Cooperatives and Training Director of CODIS Federation of Cooperatives, Prof. Elenita Mantalaba.

To end the assembly Chairperson, Fr. Andres D. Rivera, OSA gave the closing remarks. He said, “This pandemic has proven to us that we, SMCC are indeed resilient and can rise to the challenge of time. There is a firm conviction in our hearts in ensuring the sustainability and continuation of our cooperative actions”. Everybody hailed the occasion.

The assembly was adjourned at 12:30 P.M

(by: Marivic Codinera-Makinano)


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