PAFCPIC Annual General Assembly (2005)
EMPOWERMENT THROUGH COOPERATION
By LANDBANK President and CEO Gary B. Teves
Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC)
24th Annual General Assembly
HPA Grandstand, Fort Bonifacio, Makati City
February 26, 2005; 10:00 am
Lieutenant General Generoso Senga; Cooperative Development Authority Administrator Ruben Conti; the directors, officers and members of the Philippine Army Finance Center Producers Integrated Cooperative, led by your Chairman, Colonel Tomas Padilla and President, Colonel Efren Zaide; other distinguished guests; good morning.
It is my honor to join you on your 24th general assembly. PAFCPIC is one of the most successful cooperatives in the country today in terms of profitability and contribution to the lives of its member-owners.
It therefore comes as no surprise that you have received major recognitions, including the first ever LANDBANK Gawad PITAK Outstanding Institution-Based Cooperative last year.
May these recognitions further inspire and challenge you to continuously serve your members and your community. The theme of your general assembly,"Empowering Members in the Community", is very much in tune with this challenge.
LANDBANK, being your partner since 1995, has been a proud witness to PAFCPIC's growth into a stronger and more viable cooperative that caters to a unique community.
Your more than 40,000 members, made up of more or less the same or closely related professions, are assigned in different locations around the country. I am sure that while you have been responding to their several needs through your network of offices and branches nationwide, increasing your members' access to your services remains as your foremost concern.
A more important aspect of your operations is the kind of vocation that your members are sworn into. Most of them, especially the soldiers, have been equipped and trained to protect our country. And with this, comes the great risk of losing their lives and limbs in the line of duty. While faced with the enormous responsibility of defending our people, they are also in need of assistance to provide for the needs of their own families.
Thus, in a way, PAFCPIC plays a key role in both the lives of your individual members and in the affairs of the nation. As you continuously endeavor to uplift the common Army personnel or civilian employee, you help ensure a better future for them and their families, thereby lifting the morale of this sector.
We also laud PAFCPIC for continuously implementing your social services like the Saklay Fund, We Care, and Adopt a Military Barangay Programs that are tailor-fit to your members' needs. We hope that you will continue to expand your humanitarian and socio-civic initiatives to extend your reach and benefit more of our Army personnel, retirees and civilian employees.
LANDBANK remains committed to supporting cooperatives like PAFCPIC. In the third quarter of last year, we have approved an increase in credit line of P250 million to be used by your co-op in extending various types of loans to more of your members. This rediscounting loan is in addition to the P30 million term loan, which we have previously extended to your co-op.
But apart from allowing more members to avail of your credit facilities, such as your petty cash, emergency, salary, or consumer goods loans, we hope to see the greater amount of these funds to be channeled for productive economic projects that would help secure their livelihood in the long run.
The micro and small and medium enterprises or MSME sector remains a valuable force in our country's war against poverty. This sector aids in the distribution of income and the spread of productive activities in the countryside.
The MSME sector is also one of LANDBANK's priority sectors, along with the small farmers and fisherfolk; agri-infrastructure; agri-business; and agri- and environment-related projects. LANDBANK believes that pursuing our mandate of catalyzing countryside growth may be realized by supporting these sectors.
I would like to encourage all of you to become entrepreneurs by availing of your co-op's IGP or Income Generating Project Loan. Your businesses, however small, will help boost our economy.
I am also proud to note that LANDBANK has successfully shifted its loan portfolio in favor of our priority sectors. From P37 billion, representing only 36 percent in 2000, our total loans to our priority sectors reached P77 billion as of end-2004 or 62 percent of our P125 billion loan portfolio.
Our achievements would not have been possible without the continued support of our partner-institutions like PAFCPIC which is one of our many channels in reaching out to individual borrowers, and entrepreneurs.
As of end-2004, LANDBANK has financed more than 1,100 cooperatives. From January to December 2004, the Bank has extended P5.5 billion in loans to the co-op sector, which benefited more than 261,000.
We hope to further strengthen our relationship with co-ops like you. We encourage you to continuously update us of your concerns. We are willing to listen to your suggestions on the kind of service we provide. I personally encourage a regular interaction with the Bank's regional head or field officer so we can discuss how LANDBANK can further help PAFCPIC and its members.
Finally, I hope that we will all keep in mind that the stability and profitability of PAFCPIC do not rest solely on the competency and good business acumen of your Management and Board of Directors. The success of your cooperative largely depends on the patronage and support of each member.
As former United States President Woodrow Wilson once said, "Power consists in one's capacity to link his will with the purpose of others, to lead by reason and a gift of cooperation."
Rest assured that LANDBANK would continue to be your staunch supporter in continuously leading our Army personnel, retirees and civilian employees towards sustained empowerment and development through cooperativism.
Thank you very much and good day.