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PROJECT SUMMARY

A. Name of the Cooperative Proponent

The project proponent is the FATIMA (VIGAN) MULTI-PURPOSE

COOPERATIVE with CDA registration No. 371.

B. Location

The cooperative proponent is located at Pantay Daya, Vigan City, Ilocos Sur.

C. Description of the Project

The proposed business project concerns with the manufacturing and selling of

different jars, trophies, and other souvenirs. The business aims to improve the quality of life

of producers and to lift the socio-economic condition of the people.

D. Project Long-range Objectives

This proposed business project may be used as an accessible manufacturing and

selling station for producer members of Fatima (Vigan) Multi- Purpose Cooperative.The

marketing of the products will be opened to students who will be willing to sell the products

in order to help them to have something for their school.

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E Market Share, Market Projection, Market Price

E.1.Market Share

The FVPMC center will cater not only the city of vigan but also the whole

province of Ilocos sur. It is prospected that there will be a big market for ceramics

products.

E.2. Market Price

The cooperative will offer a cheaper price compared the price of the

competitors.

F. Methods of Financing

The proposed project will be financed by the Fatima (Vigan) Multi-Purpose

Cooperative with a total capital requirements of 967,730.00

G. Feasibility Criteria

The proposed business is feasible based on surveys and studies conducted on its area

of operation. There is a big demand for services of the Ceramics production because there is

only one competitor here in Vigan.

H. SUMMARY AND CONCLUSION

A.MARKET FEASIBILITY

The Gap between demand and supply is seemingly demandable to

cover up its investments, because based on the number of buyers and users of

ceramics produced and a single manufacture ceramic in Vigan we can

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conclude that there is a big demand. The propose business will serve this

target namely the tourist, students and different municipalities of Ilocos sur.

B.TECHNICAL FEASIBILITY

The machineries, equipments and facilities are accessible with the

necessary facilities and manpower.

C.FINANCIAL FEASIBILITY

Since the business will be starting into high amount it will be finance

by Fatima (Vigan) Multi-Purpose Cooperative. On the financial analysis the

statements of financial condition operation, cash flows, capital requirement,

profitability test, and major assumptions are included. This business is surely

having a good financial health as shown on its accounting/financial

statements.

D.SOCIO-ECONOMIC FEASIBILITY

These propose business would be expected to help the economy

through the increase in employment rate, and additional government funds.

The enterprise major concerns are to preserve the environment. We will

provide jobs for the unemployed of the area. The salaries and wages of the

workers are used for their everyday living such as foods, shelter, clothing, and

education etc.

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E. SUMMARY OF THE ORGANIZATION AND MANAGEMENT OF THE

BUSINESS

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I. MARKET ANALYSIS

A. Nature of the Product / Business

The proposed project which is the FVMPC Ceramics Production and

Marketing Business will be manufacturing ceramics to create jars, printed mugs,

lamps (Madonna or Aladin or Nightingale), table signs, and other souvenir items.

The objective of putting up the proposed business is to establish a production

and a market center for ceramics displays, souvenirs, house decors and tokens. The

business aims to improve the quality of life of producers and to lift the socio

economic condition of the people. This will also help the government in its aim to

lower the unemployment rate and to promote our local industry.

A.1. Ceramics Products

1. Jars ( small, medium and big)2. Printed mugs3. Lamps4. Table signs

A.2. Target users of the product Ceramics Making Center

The final output will eventually be sold to tourist, foreigners coing from other countries like Americans, Chinese or Koreans, and residents of Ilocos Sur like students. Being mainly focused to the residents of Vigan City, it is also open to residents outside Vigan City or municipalities in Ilocos Sur and also extends to residents outside Ilocos Sur or what we call local tourists.

A.3. Areas of Dispersion

The areas of dispersion of our proposed project will be mainly at Vigan City, Ilocos Sur. This will be the main target of the ceramics center. It will so be open to all other Municipalities in Ilocos Sur.

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A.4. Competitor

There is only one strong competitor that could be a threat to the project proposed but since it will be run as a cooperative, it will sure offer lower mark up on the goods to be sold.

B. DEMAND AND SUPPLY

B. DEMAND

The major consumers or expected buyers of the products are as follows:

a. Touristb. Residents of Vigan, Caoayan, San Vicente, Bantay and, Santa Catalinac. Graduating Students

Table 1

Annual Volume of Domestic Demand for the Past 5 Years

Table 1 shows the volume of Domestic Demand for jars in the past 5 years as gathered by the researchers.

Table 2

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Annual Volume of Domestic Demand for the 5 Years

It is assumed that the future demand for jars will increase by 10 % based on the trend during the past 5 years.

C. SUPPLYTable 3

Annual Volume of Domestic Supply for the Past 5 Years

Since it was observed that there was over supply on the past 5 years, we will just add 1% of additional items base on the projected domestic demand for the next 5 years just to cover an adjustment of demand just enough not to over stock products which might not be sold for designs no longer fit the current trend of fashion.

Table 4

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Annual Volume of Domestic Supply for the Next 5 Years

D. Price Analysis

Any amount left will be for future business expansion.

PRICE STUDY

The company will maintain the pricing strategy for 5 years. It is projected that increase in operating cost will be covered by the increasing demand in the product and no need for any price increase for the next five years in order to maintain good pricing image and in order to maintain customers who might be willing to put trust and patronage our product.

E. MARKETING PROGRAM STRATEGY

The marketing program presents the techniques and strategies of the business. The future of any business establishments depends on the effectiveness of its marketing programs and the process of implementing such program. This will include the price, product, and place/channel of distribution, promotion, and service for the development of the business. We decided to advertise our product through walk-in, e-mail companies with the some line of the business and after a year if the business is successful they can advertise it in television.

Product Strategy

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The product strategy should also consider how the product is developed, the benefits of the consumer gets from the product, and the most will be satisfaction of the consumers.

Since the product is Ceramics, packaging is easy. It has to be neatly placed in a box suitable to its size. The labelling shall be the carrier of the product name and types. This is being done to promote the product.

The package will be designed and labelled with the use of computers. The Ceramics will be sold per piece, per consumers, per dozen, wholesale foe businessman, retailer for the stall and will also sold the final consumer with the use of the store business.

Price Strategy

The price of the product will depend on the price of raw materials such as ready mix clay (white clay), Vigan clay, gas kiln (LPG tank), glaze, the technology used, operation labor cost, service, and utilities such as electric.

The following cost shall depend on the following:

The product must be affordable and at a reasonable price. Most of the competitive buyers are willing to buy because of the design and quality of

the product can give to the consumer.

Channel of Distribution

The place or channel of distribution refers to the route as to where the products move from the producers to the consumers-end users. The four levels as from producers and wholesalers to retailers to the final consumer and other level is from producers to the consumers, the delivery of the finished product will be systematized. In order to minimize the waste of the time, the partner will make sure that the distribution will be on the first come first served basis. The business will use both level of distribution wherein the manufacturing and store will be located at one place.

Promotional Strategy

The products that are introduced to the market must need to be recognized and must get the consumers attention for the business to be a successful one.

Radio advertising- to advertise the different service of the proposed project. Streamers- to advertise about the different activities that the project should to

conduct. One of the activities is Seminar. Delivery services- offer delivery services for rent depending upon the volume and

quantity of the ceramics and a souvenirs made.

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Service Strategy

Ceramics Making Center will be operating 240 days per year. For the consumers to consider this product, the manufacturing of the product will be open from 8 o’clock in the morning up to 7 o’clock in the evening Monday to Friday.

II. TECHNICAL ANALYSIS

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After determining the market size and area, product demand and growth, the potential and technical feasibility of the project is analyzed.

These aspects contains the description of the product, production process, production schedule, machinery and equipment, raw-materials, plant location, production cost, labor requirements and waste disposal. All of these considerations are to be discussed.

A.The Production Process

The manufacturer will produced Ceramics souvenirs, house decors and tokens. The quality of the product should be unique. The manufacturing process involves machine technology. The production starts from gathering of raw materials. Ready mix clay is reformulated clay body composed of clay, silica, feidspar and ball clay. Ready mix Clay, deflocullant (sodium silicate) water, mold, firing and kiln are the main materials of the product. After the materials have been gathered the production can be easily designated to attract costumers.

B.Machineries and Equipment

For the first year, the business will install some machinery. It is listed according to type, department and section. The machinery that will be installed will be capable of making a high quality of product. All types of machines that will be use are all brand new.

Office Manufacturing Equipment Requirements:

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TABLE 6

Furniture, fixture and equipments

Furniture and Fixtures:

C. Supplies:

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The table show the facilities and supplies needed by the Ceramics Making Center. The supply required to increase the 5% yearly.

D. Manufacturing Supplies/ Raw materials

The raw materials to be purchased above will be able to produce finished 1,000 units. The related breakdown is shown below:

E. The utilities requirements of the business are the following:

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F. Labor Requirements

Manpower Requirement and Cost

G. Waste Disposal

The waste materials of the business will be properly regulated to conform to the City ordinance of Vigan City on which the project or business will be located.

SKILLED WORKER

CLERK

FVMPC CERAMICS PRODUCTION

CASHIER

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ORGANIZATION AND MANAGEMENT ANALYSIS

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A.Forms of Business/Ownership

The FVMPC CERAMICS PRODUCTION AND BUSINESS shall owned and

managed by the Fatima (Vigan) Multi-Purpose Cooperative.

B. Organization and Structure of Cooperative

B.1. GENERAL ASSEMBLY:

The general assembly is composed of all the members entitled to vote and is the

highest governing-body of the cooperative.

POWERS OF THE GENERAL ASSEMBLY

Subject to the Provisions of the Cooperative Code of the Philippines and the rules issued

there under, the general assembly duly assembled shall have the following powers:

a.) To adopt and amend its Articles of Cooperation and By-laws, in accordance

With law;

b.) To elect, appoint or remove for cause any member of the Board of Directors,

Officer or Committee member of the Cooperative;

c.) To review, modify, reject or approve developmental plans and programs of the

Cooperative;

d.) To review and pass upon the reports of the Board of Directors, Officers and

Committees;

e.) To review, modify, reject or approve any substantial change in the financial and

operational policies of the Cooperative;

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f.) To adopt a Cooperative seal; and exercise all other powers as may be authorized

by law and the Constitution.

B.2. BOARD OF DIRECTORS

The Board of Directors shall direct, control and supervise the business, the property of

the Cooperative and may, by resolution, exercise all such powers of the Cooperative as are

not reserved for the general assembly under this By-laws and the Cooperative Code of the

Philippines.

B.3. COMMITTEES

B.3.1. AUDIT COMMITTEE

An audit committee is hereby created and shall composed of 3 members to be elected

during a general assembly meeting and shall hold office for a term of two (2) years until their

successors shall have been elected and qualified. Within then (10) days after their election,

they shall elect from among themselves a Chairman, Vice-Chairman and a Secretary. The

committee shall provide internal audit service, maintain a complete record of its inventory,

and submit an audited financial report quarterly or as may be required by the Board and the

general assembly.

B.3.2. ELECTION COMMITTEE

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An election committee is hereby created and shall be composed of 3 members to be

elected during a general assembly and shall hold office for a term of two (2) years until their

successors shall have been elected and qualified. Within ten (10) days after their election

they shall elect from among themselves a Chairman, Vice-Chairman and a Secretary.

The committee shall promulgate rules and regulations which shall govern and conduct

of elections; pass upon the qualifications of candidates; supervises the conduct of elections,

canvass and certify in writing the returns; proclaim the winning candidates; and hear and

decide all election protests. Election protests filed by members of the Election Committee

shall e decided by the Board of Directors.

B.3.3. EDUCATION AND TRAINING COMMITTEE

An education and training committee is hereby created and shall be composed of 3

members to be appointed by the Board of Directors and shall serve for a term of two (2)

years, without prejudice to their reappointment.

The committee shall be responsible for the planning and implementation of the

information, educational and human resources development programs of the Cooperative for

its members, officers and the Communities within its area of operation.

B.3.4. CONCILIATION COMMITTEE

A conciliation committee is hereby created and shall be composed of 3 members to be

elected during a regular general assembly meeting. Within ten (10) days after their elections

they shall elect from among themselves a Chairman, Vice-Chairman and a Secretary who

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shall serve for a term of two (2) years or until their successors shall have been elected and

qualified.

B.3.5. CREDIT COMMITTEE

The credit committee shall be composed of 3 members elected at the Annual General

Assembly for a term of two (2) years or until their successors are elected and qualified.

Within ten (10) days after their election, the members shall elect from among themselves a

Chairman, Vice-Chairman and a Secretary.

B.3.6. OTHER COMMITTEES

By a majority of all its members, the Board of Directors may form such other

committees, as may deem necessary for the smooth operation of the Cooperative.

B.3.7. OFFICERS OF THE COOPERATIVE

The cooperative shall have a Chairman, Vice-Chairman, Treasurer and a Secretary who

shall serve according to the functions of their respective offices.

C. Specific Department

The proposed project entitled FVMPC CERAMICS PRODUCTION AND

MARKETING BUSINESS is handled by the separate department.

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D. PERSONAL REQUIREMENTS OF THE BUSINESS

D.1. ManagerJob Description:

She/he shall mange the entire operation in making Ceramic products. She/he shall implement good internal control of the business. Give instruction to the subordinates. She/he should plan the formulation of personnel, policies, programs and activities directed toward meeting the goal set forth by the organization. And lastly, he/she will be responsible for the job assignment and continuing development of all the staff.

Job Specification:a. The manager is responsible to the General Manager of the Cooperative for the operation

of the business.b. Must supervise his/her staff’s daily activities.c. Must endorse checks and received payments.d. To schedule for the purchasing of materials and other product inputs.e. To monitor transactions.f. To monitor the maintenance of the office/ building on its surroundings.g. He/she is expected likewise the gen. manager the status of the operation and financial

reports about the project every month and attends all meetings.

D.2.CashiersQualification:a. He/she must be at least a college graduate especially in Cooperative Management

Graduate.b. He/she must be having a worked experience.c. He/she must be honest, hardworking and must not have been convicted of any civil and

administrative cases.

Duties:a. He/she records all the transactionsb. Keeping all documents of Cooperative safe

D.3.ClerkQualification:a. He must be at least a high school graduate.b. He must be able to write and read weighing scalec. He must be honest, hardworking and must not have been convicted of any civil and

administrative cases.d. He must not be addicted to any vicious habits like gambling etc.

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Duties:a. Help the customers on delivery on the sold animals.b. He should clean every now and then the cage of the animals.c. Reports to the manager about any observation regarding about the daily operation of the

business.

D.5 Skilled LaborerQualification:a. Able to make ceramics product with minimum supervisionb. With enough and adequate knowledge on ceramic productionDuties:

c. Create products base on the current design base on management initiative or clients desire

SOCIO-ECONOMIC ANALYSIS

The socio-economic desirability of a project must be considered by every business establishment and not only the profit to be realized. Society and economy must be derived from net positive gains from the project for it will contribute to uplift the socio-economic condition. The socio-economic analysis determines what are the benefits and contributions of the proposed project to the consumers specially its contributions to the improvement of the standards of living, community development and other factors pertaining socio-economic aspects of the project. Therefore, this study will briefly explain the effect of the project to the:

Employment and Income

The business is in need of people to work for the operation of it. Qualified and educated persons for higher positions and for lower positions are any men which can perform the job as utility of labourers. Providing these lower positions will decrease the number of men who are jobless. Proper compensation and benefit must be provided to support their families too. And if the business will continue to progress them more workers will be hired in order to meet the increasing demand for the product. Therefore, as a job provider, the business is a greatly help in improving the standard of living of particular individuals.

Government

The proposed business is to be implemented by a cooperative, therefore, it is exempted to any taxes and it can’t give revenues to the government, what it can only contribute is in terms of Community development through providing Financial assistance to those who are in need members through loans for providential and productive purposes and such other services.

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Demand for the Products

In the study of the demand and supply of the products, the demand is higher compared to supply, therefore, the existing of the business is a help to meet the increasing number of demands implementing a price that is lower compared to the other suppliers.

Other Contributions

To the Cooperative, the proposed business will be the main source of income of it which will lead to the provision of more services that will extent to the members.

To the members, since the cooperative will be earning more income, expectedly the return of investment of members will increased. Members who will patronize the business will received more benefits. To the consumers, this business will provide them a lower price that will lessen their burdens in terms of the prices of the products.

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FINANCIAL ANALYSIS

On the table below, it is shown the comparison of prices scheme of competitors along with out planned pricing strategy. Our pricing is geared with the present strategy of cooperatives. It is not profit oriented but will only put mark up on the products enough to cover the cost of materials, production or manufacturing costs, operating expenses, administrative cost, selling expenses and other maintenance and miscellaneous expenses.

Any amount left will be for future business expansion.

PRICE STUDY

The company will maintain the pricing strategy for 5 years. It is projected that increase in operating cost will be covered by the increasing demand in the product and no need for any price increase for the next five years in order to maintain good pricing image and in order to maintain customers who might be willing to put trust and patronage our product.

A. Major Assumptions

Assumptions are made for the analysis of financial projection. It includes the assumed expenses revenues and other accounts affecting the balance sheet on statement of financial conditions, income statement or statement of operation and cash flows statement. Given below are the assumptions made.

a. The business proposed will only rent a space on its proposed location. On its projected 5 years operation, no business expansion will take place and will as a lessee.

b. Projected sales were based on the table shown on the preceding topics regarding the future domestic demand on the product for the next 5 years.

c. Our company will on put 25% mark up on our product. It is just enough to cover all the operating expenses of the business. Patronage refund will be declared only after five years base on the net income to be declared by the Cooperative

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with due regards to the plans of the business to retain enough funds for future expansion.

d. The projection on salaries and wages, 10% will be the yearly increase and additional staffs are not yet included in the projections for this will be further determined by the management.

e. Cost of Sales includes the following:a. raw materialsb. indirect materialsc. direct labor ( includes the salaries of skilled workers)d. factory overhead (it includes the depreciation of

equipments used in the production)

Depreciation expenses of machineries and equipment, furniture and fixtures and motor vehicles were assumed to have a 20% salvage value. The useful life of machineries and equipments, furniture and fixtures and motor vehicles were 15 years, 10 years and 15 years respectively. Depreciation expenses were computed on a straight line method.

Sales were assumed to be on cash sales. It was on the plan of the proposed project to not extend yet sales on credit on the first 5 years to easily recover the cost of investment and to avoid at the moment the risk of uncollectible. But the proposed project will be open to the possibility of determining the necessity and right time of extending credit if circumstances would permit.

All the expenses were assumed to increase up to 10% only to cover inflation on the value of the money.

There were no major additions on the property like equipments, furniture and fixtures and so with the delivery truck during the projected 5 year period. This is on the ground that properties were properly maintained by the management. Though there are unexpected circumstances that could either necessitate addition and disposal of properties but in order to be conservative at the moment, we assumed that the business would run smoothly and effectively.

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Estimated Cost of the Project/ Initial requirements of the Business

As start up capital, the business will start or will need the amount of P 967,730.00 as a project cost to cover up the pre-operating cost and fixed costs. The details are shown below:

B. Source of Capital

Fatima (Vigan) Multi-Purpose cooperative will provide for the funding or capital of the proposed ceramics making center.

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C. Projected Statement of Operation/Income Statement

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D. 4Allocation of Net Surplus

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E. Projected Statement of Cash Flows

F. Projected Statement of Financial Position/Balance Sheet

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G. Financial Statement Analysis

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Appendix A

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Definition of Terms:

1. Ready Mix Clay – is pre-formulated clay body composed of clay, silica, feldspar, and ball clay

2. Deflocculates – it is a base material, usually sodium silicate or sodium bicarbonate, used to thin a slip

3. Glaze – is a semi-vitreous material applied to the ceramic ware, which forms a glossy bond when fired at maturing temperature

4. Glaze firing – is the process where bisque fired articles are applied with glaze and fired at maturing temperature

5. Kiln – is a refractory chamber where ceramic articles are fired

6. Plaster mold – is a material formed to produce quantities of desired identical clay products

Appendix B

FATIMA (VIGAN) MULTI – PURPOSE COOPERATIVE

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Pantay Fatima, Vigan CityCDA CONFIRMATION NO.371

VISION

We envision a model successful and multi-millionaire cooperative that is owned and managed by active, supportive, trusted, responsible and self-reliant officer, management staff and members in order to improve the economic, socio, political and spiritual status of the member and to make help the community a better place live in through cooperativism.

MISSION

1. To strengthen membership and capital build-up program.2. To promote the cooperative as a way of life for improving the social and economic well-

being at the people.3. To expand and strengthen the members self-government to improve society and/ or

economic well-being under a truly just, democratic society.4. To establish, expand and strengthen program and services that supports and enhances

education, environmental protection and youth involvement.5. To establish a good working relationship between and among members, officers and

management staff.6. To top and strengthen coordination or collaboration with local and foreign institution for

financial, technical, educational and research for the cooperative and community development.

7. To review, update and modify policies and systems in order to make it more relevant for the growth at the cooperative.

8. To continue giving education to the members.

Appendix C

Fatima (Vigan) Multi- Purpose Cooperative

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CDA Confirmation No. 371

History of Fatima (Vigan) Multi- Purpose Cooperative

Abridged from the original version by Rolando R. RepatoThe Fatima (Vigan) Multi- Purpose Cooperative traces its history from Pantay Fatima, a tiny place and remote barangay of Vigan City. Its is known as the home of the nuns belonging to the Order of Saint Benedict, a religious congregation which has made Pantay Fatima its home after World War II.

The union itself began in October 1968, a time when the nation was faced with an economic crisis that was felt even in the country sides.With their apostolic missions in the barrio, the Reverent Mother Benedict Dhiel, a German national, saw the needs of building the community through cooperatives. In the beginning the idea seamed unacceptable considering the barrio’s “Kanya- kanya” culture.

The idea reached his Excellency Juan Sison, the Archbishop of Nueva Segovia. And as if by heavenly design, the Field Secretary of the Knights of Columbus, Mr. Augusto G. Mer who active in the organization of credit unions, was in town. The OBS sisters called a barrio meeting to discuss the possibility of putting up credit union. Many of the barrio folks, numbering about thirty come for different reasons. Some liked the idea, but most came out of curiosity. Unexpectedly only twenty five (25) people which was the legal requirements in the organization of a credit union; some of the Sister joined to complete the group. Their labour was compensated when the cooperative was usefully launched with the members coming from all walks of life, and with an aggregate initial capital of Four Hundred Twenty Two Pesos (P422.00), the Fatima (Vigan) credit union, Inc. was born.

The first year of operation was rewarding. The vision of Rev. Mother of Benedict Diehl, OSB was fulfilled with materials, spiritual and moral enlistment of the barrio residents. Since the baby credit union could not yet affords to pay the services of its officers and staff, most of them where paid gratis. However, the initial success of the union was more than enough compensation to keep them inspired and get going.This success of the union was good news that spread like wildfire in the neighbouring barrios. The Saint Benedict Institute (SBI) provided the credit union with an office space in its building for free.

In retrospect, the hardships and perseverance undergone by the union in its beginning years have definitely paid off. It attracted people from all not only from the barrios of Vigan but also the neighboring towns. Membership swelled in numbers and sprouted like mushrooms. It was slow but sure walks. Eventually, the union was able to extend not just loan but other services like saving and time deposits, youth savers clubs and the mortuary aid.

In1985, AFTER SEVENTEEN YEARS OF OPERATION, THE Fatima (Vigan) Credit Cooperatives, Inc attained the status of being in the elite circles of millionaire

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cooperatives. With a million in its coffers, it yielded financial gains as seen by a recorded average growth rate of 10-12%.

In 1992, the total assets of the cooperative had more than P7 million and growing. This growth inspired the Sisters of the Benedictine Community to establish a cooperative of their own. Thus, on September 17, 1990 the Sisters withdrew some of their money from the Union amounting to P9000.00 and put up the Queen of Peace Multi-Purpose Cooperative, Inc at their new mother house in Nagtangan, Damortis, and La Union. The move was meant to uplift the lives of the people living around their convent as a part of their apostolate.

In October 1993, the Fatima (Vigan) Credit Cooperative celebrated its Silver Jubilee Anniversary. The year was marked with more achievements. Apart from the numerous awards the FVCCI was given in the past, it was also cited by the National Economic Protectionism Association (NEPA) as one of the Most Outstanding Entrepreneurial Cooperative in the Ilocos Sur, a joint undertaking of the Cooperative Development Authority (CDA) and the Ilocos Sur Federation of Cooperative (ISFC).

The Cooperative continued to grow. With only an asset of Twelve Million, the FVCCI hit the one million mark with its 1,165,062.49 income in 1996.Aside from the financial gains, the coop lab also experienced some transformations. After 27 years of being led by old timers, the chairmanship in the Board of Director was assumed by a young member belonging to the build to the third generation. Driven by vitality and aggressive of youth, the new management courageously employed non- traditional leadership style. It paved way too many changes, the major of which was the remaining of the union from Fatima (Viagn) Credit Cooperative Inc. (FVMPC) to Fatima (Vigan) Multi-purpose Cooperative.

The new coop. promised new hopes, opportunities and better services. New load services were introduced to meet the needs of the members. Among these services were the cell phone loan, salary loan, and appliances loan. A consumer’s department store was opened to cater to the daily needs of the members. Three scholars were sent to college by the cooperative in the fulfilment of its commitment to education. The FVMPC also established the first ever cooperative library in the province- The Dr. Jose P. Rizal Memorial Koop Library- The library served everyone, especially the students of the locality. The year also marked the first ever award that catapulted FVMPC to fame. FVMPC bagged this year’s award for the “Search for Most Outstanding Cooperative in Ilocos Sur and Region I” sponsored by the Cooperative Development Authority (CDA).

After 29 years of operation, the FVMPC stands firm in its commitment to sustain the development it achieved. It will continue to work for the benefit of its members, adhere to Cooperative principles without compromise, and continue to be the most Liquid cooperative in Ilocos Sur.

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For all that it is now; the Cooperatives owe everything from God, through this instrument, the Rev. Mother Escolatica Alber, OSB, and all the sisters and nuns who lived the Congregation’s guiding motto----“ORA ET LABOR.