First Step to the Business World

  BRIEF HISTORY OF LABO PROGRESSIVE MULTI-PURPOSE COOPERATIVE

The LABO PROGRESSIVE MULTI-PURPOSE COOPERATIVE, which started as Paluwagan was organized in September 11, 1987 by Mrs. Nelly C. Jariel, a retired Elementary Grade teacher with initial 15 members and capital contribution of Php 5, 000.00. The members are market vendors and farmers who sell their produce during market days in the Labo Public Market. In January 25, 1990, the association was converted into a cooperative and was registered with Bureau of Agricultural Cooperative Development in the name of Labo Market Vendors Multi-Purpose Service Cooperative under registration No. RV-FF-358 and was confirmed by CDA on of April 1 1991, under Confirmation No. 1065.

From lending operation the coop extended its services with savings and consumers store for the growing members. The coop continued to grow without experiencing any single losses for its 20 years of operation as multi-purpose cooperative. Started in the municipality of Labo, it expands its operation province wide. The coop various services now caters to 2,099 regular and associate members. It provides Working Capital Loan for SME’s, Agricultural Loan for Farmers and Salary Loan for Employees and Public Officials. The coop also offers Scholarship, Health and Educational Loan, Damayan and Life and Non- life Insurance to members and their immediate families. On 1995, through loan from LBP, the Coop was also able to buy a 1.3 has. of land in Brgy. Malasugui, Labo, Camarines Norte, where the Office and Training Center including the three other buildings for Coop Agri-Business project are located. Part of this was subdivided into lots and offered to members for loan at minimal interest and longer terms.  After a series of revision of coop name, the amendments to Articles of Cooperation and By-Laws was made last year of 2006, changing its name to Labo Progressive Multi-Purpose Cooperative. The coop was an affiliate of CNKUI, Coop Bank of Camarines Norte, CNCU, BCDC, LIMCOMA MP Coop, Metro South Cooperative Bank, CLIMBS and NATCCO. The major creditors of cooperative are Land Bank of the Philippines, UCPB-CIIF and NATCCO Central Fund. As of October 31, 2007, members of Cooperative are 2,041: Farmers 1,047; Fisher folks 140; SME’s 485; Employed 369. Total paid-up capital is Php 7,301,462.96 and a total assets of Php 25,586,589.32.

The LPMPC with the good governance of Board of Directors and Committee Members, honest and committed performance of management staff and active involvement of the general membership, it received different awards from the municipal, provincial, regional and the national level. Such are Provincial MOST OUTSTANDING COOPERATIVE for 3 years, 2 years GAWAD SAKA Regional Winner and National Finalist, 2 years LBP GAWAD PITAK Regional Nominee and once National Finalist and 2006 National Nominee for LGU-COOPERATIVE PARTNERSHIP AWARD.