Thursday, December 1, 2011
THE Cebu News Workers Multipurpose Cooperative (Newscoop) announced a
net income of P793,000 as of Oct. 31, or an increase of P84,000
compared to the P709,000 of the same period last year.
Newscoop chairman Elias O. Baquero is confident that they will meet
the P1-million target income by the end of this year, as they are
maximizing the utilization of idle funds such as placing them in time
deposits and products distribution.
“The amount is already a net income. This means we can give more
dividends to our Newscoop members during the general assembly in April
2012,” Baquero said.
The dividends for 2010 was P437,000 of which the Newscoop Board is planning to increase by P600,000 for this year.
Support
Baquero was grateful for the support of the members of the Board,
namely Oscar Pineda, Michelle P. So, Joseph Tubilan and Luz Cuyos, all
of Sun.Star Cebu; vice chairperson Mayen Angbetic Tan, Mariflor
Perolina, Lucky Malicay and John Rey Saavedra, all of The Freeman; Sam
Costanilla of CCTN 47; and Chester Abadilla of radio dyRF for their
participation in the formulation of business policies and its
implementation by the management.
The others who also played an active role in the Newscoop operations
are manager-on-leave Roberta Verano, credit committee chair Marissa
Fernan, secretary Liv G. Campo, corporate treasurer Eileen G. Mangubat,
Comelec chair Debbie Duraliza, Emy Lucena, among others.
Assets
Baquero said that as of Oct. 31, Newscoop’s total assets (with a very
high liquidity percentage) is P13.825 million. This figure has been
verified by Certified Public Accountant Franco Baricuatro, and is still
increasing.
According to the records of the Cooperative Development Authority
(CDA), Newscoop is the only successful media cooperative in the country,
and with a strong Board of Directors at present.
Acting manager Evelyn Sarsale said that the target expenses for 2011
is P1.5 million which include salaries and wages; premiums for Social
Security System (SSS), Philhealth and Pag-ibig; general assembly
expenses; meetings and conferences; office supplies; and travels and
transportation; among others. But so far, with only less than a month
left, the total expenses are P1.1 million.
Evaluation
“Although seminars for members of the Board of Directors are
mandatory under Republic Act 9520, we were able to trim down expenses to
maximize net income,” Baquero added.
Last month, the National Confederation of Cooperatives (NATCCO)
Network conducted evaluations on the more than 1,500 cooperatives in the
Visayas, and they concluded that Newscoop improved its rating rank from
18 to 13.
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