MagCoop Conducts Sequential General Assembly 2022


“Truly, the future looks bright but different.”

MagCoop Multipurpose Cooperative (MagCoop) held its 2022 Sequential General Assembly last June 6, 8, and 10, 2022 via video conferencing and physical attendance.

During the three-day sequential GA, several Coop updates were announced such as Cooperative Development Authority’s approval on the amendments to its Articles of Cooperation and By-Laws. This milestone opens MagCoop membership to all Filipino seabased and landbased overseas workers, their families, employees of maritime, overseas recruitment organizations and the communities where our members are present.

The Coop’s performance was also tackled by MagCoop Operations Manager Rommel Villasfer and reported the results of the 2021 Audited Financial Statements and the amount of Interest on Share Capital and Patronage Refund to be distributed this year. He also presented the 2022 Development and Annual Plans and Budget, which were approved afterwards by the General Assembly.

Also discussed during the GA was the digitalization project that aims to expand the Coop in terms of membership and services. MagCoop contracted two service providers, Oradian and Bankingly, in order to provide core banking system and mobile banking. Once this project is set in place, members can access their accounts at their fingertips.

The general membership also held its election and voted for five members of the board and three members of the audit committee during the assembly.

The last leg of Sequential GA happened in June 10 and was conducted in Times Plaza Building in Ermita, Manila. This was the first limited face-to-face gathering in two years and was attended by 228 members.