GLEDCO reaches P350M assets mark

 The planned GLEDCO building

By Dominic B. dela Cruz

Staff Reporter

The Government of Laoag Employees Development Cooperative (GLEDCO) based at the Laoag City Hall has reached the P350 million total assets as of July 2013.

The cooperative, which is now on its 11^th year of operation, began in November 2011 with just 165 members and paid up capital of P125,000. Today, GLEDCO has 1,916 members as of August 31, 2013.

GLEDCO general manager Edgar Pascual said the cooperative is now servicing the entire Ilocos Norte and is no longer focused just on Laoag City government employees. They now accept other individuals not employed by the city government as associate members.

Out of the 1,916 members, 850 are regular members and the rest are associate members.

All members of GLEDCO have the same benefits with the only difference is associate members have a limit when they apply for loans.

Aside from loans offered by GLEDCO, their other businesses include a gasoline station, tutorial services and the planned construction of GLEDCO’s own building early next year.

The master plan in the next five years includes the putting up of an ice plant and an additional gasoline station.

The planned second gas station

Pascual said GLEDCO is performing well, being the fastest growing cooperative in the entire province with a P350 million total assets as of July this year. It is followed by the San Joaquin Multi Development Cooperative in Sarrat, Ilocos Norte which is in the P100 million-asset level.

Meanwhile, GLEDCO officials recently conducted an educational Lakbay Aral at St. Martin of Tours Credit and Development Cooperative in Bulacan from September 26 to 28.

According to Pascual, the Lakbay Aral was very fruitful because GLEDCO and St. Martin of Tours had the chance to sit down and exchange ideas about their respective operations.

Pascual said GLEDCO has chosen this cooperative being the biggest, oldest and a “billionaire cooperative” in the entire province of Bulacan servicing credit and savings with around 33,000 members, to include its branch in Cabanatuan City in Nueva Ecija.

Pascual hopes that GLEDCO would be able to adopt or replicate some of their programs. Foremost of which are: when a member reaches the age of 60, the cooperative will be giving additional benefits, hospitalization benefits for every member, and group insurance related to medical among others.

During their assessment, Pascual said GLEDCO has only P350 million asset compared with St. Martin of Tours which has P1 billion yet the annual income of the later is only P20 million while GLEDCO’s is P21 million both for last year. This means GLEDCO members’ rate of return of investment is much higher than the other cooperatives.

Records show that GLEDCO has received numerous awards and distinctions for the past years from the Cooperatives Development Authority (CDA).