1CISP grows stronger, assets increased by 65%


1CISP grows stronger, assets increased by 65%

1Cooperative Insurance System of the Philippines (1CISP) held its 45th Annual General Assembly at the Crowne Plaza Manila Galleria last April 12-13, 2019 and have shared their achievements to the media. Present during the press briefing were 1CISP President Roy Miclat, 1CISP Chairman Brigadier General Teodoro Evangelista, 1CISP Director Secretary Senen Bacani.

A success story of hardwork

1CISP is the largest cooperative insurer in the Philippines and the 8th fastest growing cooperative globally. But it was not a walk in the park for these leaders to achieve the cooperative's present financial status. According to 1CISP President Miclat, there was a time that the cooperative was losing money and the directors made sacrifices and crucial decisions in order to turnaround the financial standing. 

1CISP grows stronger, assets increased by 65%

"We had tough years. But the leaders must not give up. There are so many people depending on us. We (the directors) made some sacrifices. I had my salary cut by almost 40%. We had to work very hard. And our hard work paid off," shared Miclat.

1CISP's total assets as of the 4th quarter of 2018 increased by 65%. It was due to the positive business landscape for cooperatives during the year and the aggressive pursuit of new projects and programs.

The 2018 net surplus of P216 million was an impressive 35% increase compared to previous year's P160 million. The net surplus was distributed with a 12% dividend rate  and an experience refund of 7.19%. The experience refund is composed of a patronage rate of 2.4% and an experience rate of 4.79%.

Major projects launched

1CISP grows stronger, assets increased by 65%

In 2018, 1CISP launched three major projects: CoopKicks, 1KoopMart, and 1Koop Leaders Academy. 

CoopKicks is the first-ever cooperative pitch fest launched in October 2018 wherein young innovators and aspiring entrepreneurs were given a chance to pitch their ideas and cooperative ventures. Aside form participating in the entrepreneurship and technology boot camp, the winners received financial grants for their projects from sponsors. The CoopKicks is an ongoing project and the second leg was launched last March.

1KoopMart is a project of 1CISP in partnership with retail giant NCCC. The objective is to come up with the country's first cooperative sari-sari store chain. What makes it difference from the usual convenience store is that it will also offer anything that cooperatives can produce as well as services by partner companies.

1Koop Leaders Academy is 1CISP's partnership with Asia Select, Inc., one of the country's leading human resource companies. The 1Koop Leaders Academy will provide up-skill training program from future cooperative leaders whose objectives are to train young minds and build strong foundations in business, technology, and leadership skills.

According to Secretary Bacani, "It is very important to build the capacity of people. They should adapt to changes and be willing to learn, unlearn, and relearn."

When asked about the almost P9 million increase in cooperative education and training fund compared with last year's figure, they said that they are really ambitious with their goals in producing the next leaders and they acknowledge the importance of equipping these young leaders with knowledge and skills.

"Our goal for 2019 and beyond is to further elevate cooperatives and make them known for what they truly are -- an important pillar in the national development. The launch of these projects is only the beginning of more things to come for 1CISP and it's partner cooperatives," Miclat revealed.

1CISP will also launch in 2019 a new insurance product designed for women and they will soon transfer to a new building.

To know more about the upcoming activities of 1CISP, follow https://www.facebook.com/1CISP/