A GLIMPSE OF ITS HISTORY
Organized : March 22,1999
Date Registration : June 21, 1999
CDA Registration # : CBU-2105 9520-07001813 (R.A. 9520)
Initial members : 25 Cooperators
Membership : (Mandaue City Public Market Vendors Only) Now change to an OPEN TYPE cooperative since 2007
- PRESENT Facing realities and enhancing its operation thru adoption of financial standards and practices for about (8) years, its assets increased from P19 million in 2007 to P244.3 million at present.
- FEB. 2015 After about (2) years and (8) months, the coop was able to expand its services by opening its third branch (Talisay branch) South Cebu Area.
- JUNE 2013 Acquired Lot located at Suson, Centro Mandaue City
- JUNE 2012 Eight (8) months after opening MAVENCO-Consolacion branch the coop embark into another milestone with the opening of its second branch (Lapu-Lapu branch).
- OCT. 2011 After about 4 years of facing challenges, the coop was able to expand its operation by opening its first branch (Consolacion branch) outside Mandaue City
- MAY 2007 After about 7 years of operation with a total assets of only about P19M the coop decided to open its mind to challenges and realities in their existing operations by adopting financial intermediation standards and practices in operation and making 360 degrees turn from its usual traditional coop practices.
- 1999 The operation started with share capital contribution from 25 cooperators the total amount of P62,500.
Confronted with various problems, issues and concerns affecting the market vendors in the public market in the early months of 1999 which were actually financial in nature, as well as, unpleasant relationship with the city government, the formation of a cooperative was thought of then.Led by Crispina Abucay of the SDS and Teresita Calo of the Fish Section, a group of Vendors sought the assistance of former Judge, Atty. Romulo R. Senining, to help them organize the cooperative. They were then referred to UNICAMCO of Carbon Unit 2, which was then managed by Erwin O. Gok-ong, who was at the same time the Chairman of CEFEMACO, a federation of the Cebu Market-based cooperatives.And, after having consulted the leaders of the vendor coops in Cebu, specifically on the advantages and benefits of having a cooperative, they decided to organize a cooperative pre-membership education seminar in order to convince the other vendors to join the cooperative. With the contracted Coop Educator, Mr. Edgar R. Masongsong, who was at that time the Assistant City Administrator of Cebu City, conducted the Coop PMES to the 1st batch of market vendors with some 100 plus in attendance.Immediately after the PMES, the 1st batch which was conducted in March 22, 1999 at the Fatima Social Hall, Fatima Parish, Basak, Mandaue City, the registration documents were processed with the CDA, which actually issued the Registration Certificate No. CBU-2105 in June 21, 1999. MAVENCO, which stands for Mandaue City Public Market Vendors Multi-Purpose Cooperative, was then born in Mandaue City Public Market. The movement was then the beginning for the vendors to start a thrift and savings mobilization for the capital formation of the cooperative. It created the funds needed for its lending services for productive and providential purposes. Then, the organization adopted the Articles of Cooperation and By-Laws in compliance with the provisions of Republic Act 6938.The first set of officers were elected through an election of the interim Board of Directors.Crispina Abucay was elected Chairperson, while Teresita Calo was elected as Vice-Chairperson. Nicasio Magale, Edwin Sy, Lina Tibon,Mariza Limpangog and Emilia Dibdib were elected as members of the Board.In the early months of 2007, MAVENCO rode a big wave in its career when it opened its closed doors to new strategies and approaches in coop operations. It went to aggressive marketing coupled with innovated product design to capture its market and expand its outreach. At the end of 2006, its total assets was only P7.0 million and in the first quarter of 2007, it opened its eyes to the new innovations and it was able to harvest at total asset of P19.0 million by the end of that year. And at the end of 2008, they did not stop to grow and reaped the fruits of its labor with an awe-inspiring P27.0 million total assets. Today, after 17 years of its existence, the rest is history. The cooperative, which started with a humble beginning, is now a P279.2 million in assets, P51.3 million in shares of stocks, and an array of cooperative services, such as the lending, saving & time deposit, mortuary, dental, quick loan (pawnshop style). It is envisioning staying longer, realizing a dream that one day it will operate a public market that will benefit the market vendors and the generation to come.
MAVENCO has proven its worth in being the premier cooperative in Central Visayas. From its humble beginning in 1999, the organization dramatically grew from 25 cooperators to 10, 663 members as of December 2016. The growth in membership despite various challenges has made a significant increase when it comes to assets, savings, time deposits and of course the cooperative’s net surplus. The waves of change that the cooperative fully embraced set us apart from other organization, Thus, motivated us to do more year after year. The prestige recognition and distinctive awards from Government and Non-Government organizations are manifestation that the cooperative is truly making an excellent remark in the cooperative industry. It’s undeniable that the cooperative has remained firm and steadfast in fulfilling its Mission and Vision with a strong belief in its Core Values: Honesty, Environmentalism, Loyalty, Professionalism, and Spirituality (HELPS). These are the reason why the cooperative is still on track and very responsive to the needs of the members and the community.
True to our General Assembly’s theme this year “ MAVENCO: KAABAG SA PAG- ASENSO” the cooperative has been and will always be geared to continue to develop, grow and improve by venturing into new partnerships, businesses, programs, relevant services, projects and activities that are beneficial to our members and the cooperative in general. We believe that SUCCESS is within our reach if we work hand in hand, persevere and commit ourselves to make the cooperative more prosperous.
Yes, WE CAN MAKE THINGS HAPPEN IF WE ARE TOGETHER!
The cooperative in celebration of its 17th year in existence and in providing exceptional quality products and services wanted to ensure all members and employees that we can be the most trusted cooperative in the Province of Cebu when it comes to transforming the economic life of our constituents. With the members on top of our priority, we are confident that MAVENCO will achieve its full potential this year and in the years to come. It’s always nice to look back at our milestones with pride and gratitude, knowing that our members are with us dedicated to change their economic status.To our dear members, officers and employees… know that we value your relentless cooperation. As we embark a new journey this year let us continue to pray for wisdom and guidance from our Almighty Father. For the continuous blessings and effort are all His. God Bless MAVENCO, God Bless Us All! LAMBO PA PAG AYO MAVENCO!!!