LORENZO TAN MULTI-PURPOSE COOPERATIVE DAPITAN

BRANCH (LTMPC)

HISTORY:

Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch is established on year 2009.
This cooperative was started by seventeen person who share a capital and Lorenzo Tan Multi-
Purpose Cooperative is originally derived from their city named Lorenzo Tan, Tangub City
Misamis Occidental.

Lorenzo Tan Multi- Purpose Cooperative has higher interest rate than a bank in terms of
depositing especially time deposit it has 8% interest rate per year. In loan also it has a lower
interest rate. Lorenzo Tan Multi- Purpose Cooperative has 23 branches around Zamboanga del
Norte, Zamboanga del Sur, and Misamis Occidental.

Lorenzo Tan Multi- Purpose Cooperative aim is to help people especially those poor
people or people salaries is lower than professional. They offer loan, membership benefits,
insurance, saving and other services. They accept also professional member. In Dapitan branch
LTMPC has 4000+ member and some member already build their own business and some also
their children is graduated through the help of Lorenzo Tan Multi- Purpose Cooperative.

Lorenzo Tan Multi- Purpose Cooperative staff should be College graduate they accept
any graduate from Business Courses at least it is Bookkeeper, also they accept Education and
Information Technology. Being a staff you should have good character, focus on your work and
loyalty to the cooperative for you to be promoted.

Lorenzo Tan Multi – Purpose cooperative Dapitan branch member has only passbook no
ATM. To be a member of LTMPC you should bring your birth certificate or valid ID. The
qualified age to be a member is 18-60 years old, also you can avail also member ship for free for
those ages 18 years old below. All member is accredited for insurance each member should be a
resident in Dapitan City or Dipolog City and pay a membership fee of 4370 pesos and receive an
interest rate of 4% per annum. Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch the
length of member to receive service and product is at least 1 year of membership. Every
December LTMPC conduct general assembly for the member and they give cash, t-shirt,
umbrella and many more giveaways gift. Member who share capital they can receive dividend
every year depending on the income of the cooperative.

PRODUCT & SERVICES:

Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch is a credit and saving cooperative. This
cooperative offer the following:

Saving & Time Deposit (Tax Free)

 Regular Deposit
 Time Deposit
 Youth Saving

Loan Services

 Regular Loan  Educational Loan

 Fast Loan (Prepaid)  Emergency Loan
 Salary Loan  Agricultural Loan
 Micro Finance  Loans Against Time Deposit
 Instant Loan  Real Estate Loan

Membership Protection

 Free Member Mutual Aid Benefits

 Mortuary Assistance Program
 Hospital Income Benefits
 Loan Insurance Program

Business Engagement

 Community Hospital
 Consumer Store
 Memorial Garden
 Funeral Home
 Training Centers
 Catering Services
 Real Estate

INTERVIEWEE EXPERIENCE:
 A second time of our interview we interviewee Maricel Lumungsod a Manager in
Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch. Since the first interviewee Harlyn
Macapepe Bookkeeper she is busy and she need to finish her task so they referred as to the
manager. Maricel Lumungsod is graduated Bachelor of Science in Commerce Major in
Management Accounting. She proceed Education in Pagadian, Zamboanga del Sur. Maricel said
as a worker you can experience lot of challenges, pain and happiness. She also added being a
manager it is hard to handle member and also they need to work during Saturday and sometimes
they do overtime especially when they are reaching a quota. Despite from those challenges she
experience, she always pray for guidance and do the work since it is ordered from the
management. She said also that being a member of LTMPC you can receive lot of benefit
especially offer high interest rate for saving and low interest for loan. She added that her family
is a source of her strength and do anything for them. LTMPC salaries is higher than minimum of
DOLE employee and they don’t have work during holidays.

JUSTIFICATION:

YES OR NO:

Lorenzo Tan Multi – Purpose Cooperative Dapitan Branch develop strategic plan and this
action can help the company to gather more member and also help the production of member.
Every meeting there should be a policies implemented to help strengthen the cooperative also it
will guide for smooth transaction. Information that gather in the general meeting should be
recorded by the secretary. Once a month LTMPC conducted there general meeting they time
they will submit their report either treasurer report or management report. They also conduct
disciplinary action for the member who is late or absent. LTMPC make sure take an action
through feedback of their member and make sure the Board of Directors know their
responsibilities and duties.

Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch do not conduct a election of
officer, only promotion from the Board Member. LTMPC assign branch will prepare the
management report and there is always a equality in this cooperative in terms of different gender
and their assign work. This cooperative is only updated by the Cooperative Development
Authority (CDA).

Lorenzo Tan Multi – Purpose Cooperative make sure that they follow the policies and
have a business operationl manual and present guidelines and policies to all member. In terms of
qualification of staff you should be graduated from college any business course as long
bookkeeper, Education and Information System. They conduct also evaluation for officer or staff
in the cooperative to help them to make action or know better their employees. For those
excellent employees they can receive awards and benefits package depending on the
management. LTMPC make sure that at least 50% of their employee attend in cooperative
activity, such as seminars and community services.

QUALITY MANAGEMENT

Lorenzo Tan Multi – Purpose Cooperative Dapitan Branch make sure that they
implement meeting in a yea r. Cooperative member sometimes did not attend there meeting but
the company make sure they have a disciplinary action for those personnel who did not attend.
Most of the time also they specialized training for the officers or staff that help to update their
skill and knowledge. LTMPC make sure to maintain fair policy on lending and collection that
make them more trustworthy.

BUSINESS OPERATION

Lorenzo Tan Multi – Purpose Cooperative Dapitan Branch make sure that before they process
loan application all the required assessment should be conducted carefully and maximize the
profitability by encouraging member to patronize products and services to ensure economic
viability of its operation. LTMPC prepared financial statement that be compared it with monthly
budget and hold annual general meeting by – laws where they introduce the short and long term
budget plan. Sometimes they defined the conduction of affairs of the cooperative including the
power and duties of staff in a cooperative.

COMPLIANCE WITH REGULATORY REQUIREMENTS

Lorenzo Tan Multi – Purpose Cooperative Dapitan Branch always practice to have a legal
document. The LTMPC has a Certificate of Registration issued by the Authority under their
official seal. LTMPC make sure they have a certificate from different agencies that hold the
business transaction. In a business it is important to have a legal and proper documentation in
order to be more attractive and trustworthy by the member. They remit a required SSS, PAG-
IBIG, PHILHEALTH and submit annual reports to Cooperative Development Authority Region
Office.

WORKING CAPITAL MANAGEMENT

Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch always maintain to manage their cash
properly. They implement policies to level the working capital to avoid run out of cash. Every
transaction should have a receipt that be monitor that use to a monitoring of cash flow. All cash
transaction should follow the policies to avoid problem. LTMPC has a standing policy on credit
collection procedures that consider the five ‘C’ of credit which are capacity, collateral, capital,
conditions and all release amount loan should be approve by the authorize officials.

LITERATURE

Lorenzo Tan Multi- Purpose Cooperative Dapitan Branch has been affected by COVID
19 Pandemic. According to Jumawan, A. 2022 that the CoViD-19 pandemic is having an impact
on cooperatives and other enterprises around the world, and Various means of replying were
used. There are several cooperative structures, and there are various forms of assistance. As one
of the actors in a healthier economy, cooperatives aim to improve people's lives and alleviate
poverty. In addition to enabling creativity and productivity, it also arranges businesses that are
specific to the needs of the Participation in cooperative projects enables people to discover their
hidden skills and meet communal needs. operations in business.

In addition, according to Maricel Lumungsod Manager of LTMPC that in order to

survive they follow the covid 19 protocol. In terms of their loan transaction they never pressure
their member to pay they wait for them to pay since the income on that time is not enough and
also for their staff they do alternate duties.

According to Mattie Stepanek (2016), Unity is strength, when there is teamwork and
collaboration, wonderful things can be achieved. With any team, unity or teamwork is important.
It is what allows a team to run like a well-oiled machine and achieve success. As the title of this
section says, “Many Voices, But One Message.” Without such unity, your team – ANY team – is
doomed for failure. This is perhaps never more important than in the workplace, where you
throw a group of unrelated individuals together and expect them to easily communicate and work
together to achieve a common goal. In fact, according to Talent Management, 86% of employees
blame lack of collaboration for workplace failures. So, it is up to senior leadership to breed unity,
encourage collaboration, and ensure the team works together and not against itself.