BUSINESS PROFILE MAVENCO-Mandaue City Public Market Vendors Multi-Purpose Cooperative •We offer financial and non-financial services to both individual and groups from different socials statuses without discrimination or marginalization. •The owners of the cooperative are the members themselves who invested their collective power to the Board of directors through election in partnership with the Management staff in running the business. •The cooperative was organized and registered in the year 1999 to provide financial services solely to the Public Market vendors of Mandaue City and now upgraded into an open type institution. •Received renowned recognition from prestigious partners and third party organization like NATCCO-National Association of Training Centers for Cooperatives, VICTO National Cooperative Federation and Development, CLIMBS-CLIMBS Life and General Insurance Cooperative, PCF-Philippine Cooperative Central Fund Federation, MCCDC- Mandaue City Cooperative Development Council and LANDBANK for the development and excellent growth established. •Mavenco is one of the leading Multi-Purpose Cooperative in Mandaue City with diversified programs and services including; thrift savings deposits, time deposits, competitive loan products such as Providential Loans, Productive Loans, Real Estate Loans and Agricultural Loans. MAVENCO HISTORY 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. " MAVENCO :UPLIFTING THE LIVES OF OUR MEMBERS "