It is entirely, SIMC envisions promoting self – reliance among its members and contributing to the growth and development of the communities within its territorial jurisdiction. Its conception dates back in 1967 when a group of 15 development – oriented individuals of the Peñaplata, Samal, Davao gathered through the efforts of the Canadian Parishioners then assigned in the locality and initiated talks on the possibility of forming an organization that would extend financial assistance to its members. This was due to the fact that the economy of the municipality then was not yet impressive.
In May 1971, or four years later, the Peñaplata Parish Credit Cooperative Union, Inc. (PPCCUI), the first of its kind in the Municipality of Samal was registered with the then Cooperative Administration Office (CAO) and officially started the operation. The initial capital was P 75.00 and P 5.00 each incorporator which was lent to members at 1% interest rate per month. The word “Parish” was inserted in the organizations official name in recognition of the efforts exerted by the Canadian Parishioners who caused the preparation of the organization in embracing the concept of cooperativism to bring about the community development.
In the essence, though the term “Parish” was made part of the organizations official name, nonetheless, its membership was not limited to those who profess Catholicism but rather it was open to all sectors regardless of religious beliefs, socio – economic status or ideology.
On May 23, 1975 it was again – re – registered with the Bureau of Cooperative and Development (BCOD) due to policy changes governing the administration of the movement.
ORGANIZATIONAL DEVELOPMENT
After ten years of operation the membership had been increased. However, instead of growing more this dwindled due to inadequacies in the management process brought about by the absence of continuing technical and administrative capability trainings. These management lapses were aggravated by the lack of commitments among the members who were then reluctant in paying promptly their obligations.
Somehow, the cooperatives officers realized that the shortcomings being experienced by the organization can only be possibly done by those who are aggressive, committed, and innovative. Inspired by this belief, in 1986 they opted to pass unto the new set of leaders the responsibilities of managing the cooperative and such decision was compensated since from the year onwards the latter’s financial status did again momentum and after almost two years, stability was eventually attained. Hereafter, the trust and confidence of the general membership was recovered.
The early years of 1990’s were considered as the most fruitful and productive ones ever experienced by the organization where the cooperative status gained prominence not only in the locality but likewise in Samal Island as manifested by its being accredited by the municipal government to participate in the local governance through the Local Special Bodies as mandated by the 1991 Local Government Code. Being of such stature, external resources started to flow to its coffer, its first after two decades of operation, courtesy of the Department of Trade and Industry and MASS SPECC through soft loans. Actually, it was the latter who was responsible in strengthening the organizational capability of the cooperative. Further, these external resources were augmented by the capital share from the members as a result of the membership expansion affected by the Education Committee which was very active as it is today. It was also during this period that the cooperative extended its services to the other two Districts namely Babak and Kaputian. This was made possible in 1991 when it was re – registered with the Cooperative Development Authority (CDA) eventually changing its original name to Samal Island Multipurpose Cooperative. During these years the services were expanded from regular and special productive loan to income generating projects, financing loans for those engage in medium - scale business enterprises, and salary loans for private and government employees in the same manner that it already accepted considerable amount for regular savings and special savings deposits for members and non – members respectively which was actually practiced even before the late 1990’s. Acceptance of time deposits likewise started in the early 1990’s.
ACCUMULATION OF ASSETS
As soon as the cooperatives financial resources gained a dramatic increase, it accumulated more fixed assets namely: 1 unit of computer; 2 units of motorcycles; Learning Center where its office is currently based and which was constructed on its 200 sq. m. lot located in the Poblacion Area of Peñaplata; 2 has. parcel of land intended for its housing program which will be implemented as soon as the mechanics are already in place; a 400 sq. m. lot where a multi – purpose building will be built in the near future; and a 2,805 sq. m. lot intended for the planned gasoline station, a new business activity of the cooperative.
In January of 1998, a Sub - office was opened in Kaputian, District III due to members demand. Because of this expansion, the cooperative was able to capture more savings not only to its members but also to non - members residing in the locality considering that SIMC is the only financial institution based on that area.
With these foregoing phenomenal achievements of the cooperative, the name SIMC is becoming byword among enterprising individuals, government and private employees and the rest of the poverty – stricken households in Samal Island who are now expressing interest to be its members. With these distinctions, the cooperative looks forward at attaining its vision of self – reliance where it is already in a position to match the broad based services that banking institutions offer. However, in the pursuance of this endeavor, the officers are still committed that such achievements will be attained without trading off the interest of the general membership with biased on the economically disadvantaged ones, promoting the value of responsible membership and establishing effective partnership with other development groups and institutions to attain total growth . With this defined developmental direction for the cooperative its successes of failure lies not only in the hands of its officers, staff and institutions government or non – government. Thus, the cooperative vision is a stable and self - reliant organization where the members assume their respective responsibilities without reservation and share the benefits of their efforts and eventually become as active partners of the government in community development.
