RECODO ZAMBOANGA MULTI PURPOSE COOPERATIVE (REZAMCO)

Recodo, Zamboanga City

CDA REG NO: 9520-09001052
CIN – 0105090083

Minutes of the 23rd Regular Annual General Assembly of Recodo Zamboanga Multi
Purpose Cooperative held at REZAMCO Main Office, Recodo, Zamboanga City on March 1,
2018 at exactly 9:45 a.m. to 10:50 a.m.

Presiding Officer:
Dir. Rez M. Estalilla – Chairman

Total Regular Members: 30

Present: 29
Absent: 1

There being a quorum, meeting was called to order. The presiding officer, Dir. Rez M.
Estalilla then moved to the adoption of the agenda.

Agenda 1. Reading and Approval of Previous Minutes

Agenda 2. Matters Arising from the Minutes
Agenda 3. Consideration of Consolidated Reports
Agenda 4. Cancellation of Election

The registration of members started at exactly 9:00 a.m. Program proper started at 9:45
a.m. with an invocation and national anthem followed by the Cooperative Pledge.

Business proper started with Reading of Proof of Due Notice, Roll Call of Attendance
and Declaration of Quorum by the Secretary.

Agenda 1. Reading and Approval of Previous Minutes

G.A. Resolution No. 01, Series of 2018

The Secretary read the previous minutes of last year’s 21 st Annual General Assembly on
March 20, 2016 held at Zamboanga City Special Economic Zone Authority, San Ramon,
Zamboanga City with the following agenda, to wit:

Agenda 1.Reading and Approval of Previous Minutes

Agenda 2. Consideration of Reports
Agenda 3. Development Plan and Operational Budget 2017
Agenda 4. Election of Officers and Appointing of Committee Members and External
Auditor

Upon motion by Mr. Bartolome L. Remitar and duly seconded by Dir. Chona C. Momper,
RESOLVED AS IT IS HEREBY RESOLVED to approve the previous minutes as read.

Unanimously approved.

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 Agenda 2. Consideration of Consolidated Reports

REZAMCO Operation for the Year 2016 & 2017 (Comparative)

G.A. Resolution No. 02, Series of 2018

The General Manager presented to the body the comparative details of the cooperative,
signifying the operation of REZAMCO for the years 2016 and 2017.

Suspension of Dacon Operation

G.A. Resolution No. 03, Series of 2018

The Chairman elucidated to the body the goings-on of the Dacon Operation and further
enlightened the body as to its implication to the operation of the cooperative. He stated that the
aforesaid operation of the Dacon has temporarily ceased.

Cash Position Report

G.A. Resolution No. 04, Series of 2018

Mrs. Lilia J. Francisco presented to the assembly the cooperative’s Cash on Hand and in
Bank as of March 23, 2018, as well as the Summary of Unpaid Billings per Branch for the period
March 1-15, 2018.

Guiwan and Pagadian Operation

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 G.A. Resolution No. 05, Series of 2018

Mr. Pepito Abonales and Mrs. Lilia J. Francisco discussed to the body the operation of
Guiwan and Pagadian Branch, respectively. They have discussed, as well the financial details
concerning the operation of the respective branches.

Operational Budget 2018

G.A. Resolution No. 06, Series of 2018

Mr. Pilarito V. Cueco presented to the body the Operational Budget for the Year 2018 as
well as the Five (5) Year Development Plan, as shown below:

And the Five (5) Year Development Plan:

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2015 2016 2017 2018 2019 2020

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Membership
Regular 219 250 300 350 400 450
Associate 1,633 1,602 1,552 1,502 1,452 1,402
Total 1,852 1,852 1,852 1,852 1,852 1,852
Add: Potential 18 28 38 48 58
Members
Target Total 1,870 1,880 1,890 1,900 1,910
Members

Capital Share 5.7M 6.0M 6.3M 6.6M 6.9M 7.2M

Savings
Regular 1,361,266.29 1,400,000.00 1,500,000.00 1,575,000.00 1,654,000.00 1,744,800.00
Time Deposit 61,686.21 65,000.00 68,000.00 71,500.00 76,000.00 80,000.00
Teens 115,329.02 120,000.00 128,000.00 135,000.00 142,000.00 150,000.00
Kids 18,277.81 20,000.00 21,000.00 22,000.00 24,000.00 25,200.00
Total (Est. 5% 1,556,559.33 1,605,000.00 1,717,000.00 1,803,500.00 1,896,000.00 2,000,000.00
Increase)

Assets 22,600,000.00 23,300,000.00 24,200,000.00 25,400,000.00 25,900,000.00 27,700,000.00

Net Surplus 1,213,966.00 1,274,664.00 1,351,143.00 1,445,723.00 1,561,380.00 1,701,905.00

Percentage 5% 6% 7% 8% 9%
Increase

Upon motion by Dir. Chona C. Momper, seconded by Dir. Judita P. Samla, it was
resolved as it is hereby resolved that the aforesaid Operational & Development Plan be
approved.

Unanimously approved.

Community Service
G.A. Resolution No. 07, Series of 2018

REZAMCO has provided school supplies to selected elementary students of Recodo

Elementary School as part of the cooperative’s community services.

Resolution to Withdraw Capital and Savings at

Banco Cooperativa de Zamboanga
GA Resolution No. 08, Series of 2018

Whereas, it was noted on the Monthly Regular Board Meeting last January 28, 2018 that
the cooperative is experiencing substantially low revenue due to the suspended operation of
one of its major customers, thus it was agreed that the same shall be discussed with the general
assembly;

Whereas, it was deliberated on the assembly that the cooperative is facing mass
withdrawal of savings and capital from its members;

Whereas, it was considered that to be able to continually fund day-to-day operation of

the cooperative, it was decided that the existing capital and savings plus the interest earned be
withdrawn from Banco Cooperativa de Zamboanga.

Now therefore, upon motion by Dir. Julicita B. Catalan, seconded by Dir. Judita P.
Samla, it was resolved as it is hereby resolved, that the capital and savings amounting to P
200,000.00 and P 3,500.00 respectively plus the interest earned thereat, be withdrawn from
Banco Cooperativa de Zamboanga;

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 Resolved further, that Director Bartolome L. Remitar is the authorized representative to
process, execute and sign documents relevant to the withdrawal of capital and savings plus
interest from the Banco Cooperativa de Zamboanga.

Unanimously approved.

Audited Financial Statements

G.A. Resolution No. 09, Series of 2018

The Secretary presented to the body the summary of details from the Audited Financial
Statements as audited by the appointed external auditor Ms. Dulcita F. Estrada.

Upon motion by Dir. Bartolome L. Remitar, duly seconded by Dir. Chona C. Momper, it
was resolved as it is hereby resolve, that the Audited Financial Statements for the Year 2017 be
approved.

Unanimously approved.

After thorough deliberation, the body has no questions.

There being no other business to take up, the regular annual general assembly meeting
was adjourned at 10:50 a.m.

This is to certify that the foregoing matter has been approved by the required 2/3 votes
of all the regular members with voting rights during the 23rd Annual General Assembly Meeting.

Certified Correct:

SHEENA B. SIGLOS
Attested by: Secretary

REZ M. ESTALILLA
Chairman

ACKNOWLEDGEMENT

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REPUBLIC OF THE PHILIPPINES) s.s.
City of Zamboanga. . . . . . . . . . . . .)

SUBRSCRIBED AND SWORN to before me this ____ day of March, 2016 appeared
Sheena B. Siglos with her CTC No. 04953049, issued on January 11, 2018 at Ipil, Zamboanga
Sibugay Province and Rez M. Estalilla with his CTC No. ______________ issued on
_______________________ at Zamboanga City, known to me and to me known to be the same
person who executed the foregoing ____ pages and acknowledged that the same is their free
and voluntary act and deed.

WITNESS MY HAND AND SEAL, in the day, year and place above written.

Doc. No. ________

Page No. ________
Book No.________
Series of 2018