History of TMC
TUBAO MULTIPURPOSE COOPERATIVE HISTORY
As a church mission, the commitment to serve and alleviate people from depressive economic condition spurred the late REV. FR. JAIME QUATANNENS, a Belgian Missionary of the CICM congregation assigned in Tubao as parish priest, to organize the credit union or cooperative. In his heart, he was determined to find an alternative lending facility other than those provided by unscrupulous moneylenders. On August 13, 1966, with 39 pioneer members and a starting paid-up share capital of P 314.00, the Tubao Credit Union, Inc. as originally named was formally organized and was registered with the Cooperative Administration Office (CAO) under RA 2023, and approved on October 26, 1966 under Registration No. 001503. It survived under the principle of self-reliance and sacrifice through God’s help.
Through the years, the Cooperative has been operating successfully. Thus, this year 2019, the Board of Directors, Committees, and the Cooperative Development Authority (CDA) deliberated on the possible conversion of the Cooperative from Credit Cooperative to a Multipurpose Cooperative. Careful study and deliberation were also done on the proposed amendments in the Articles of Cooperation and the By-Laws of the Cooperative. The results of the deliberation were presented for consideration and approval of the General Assembly held on March 19, 2019. The CDA approved the conversion of the Cooperative to a Multipurpose cooperative on July 2, 2019, under registration no. 9520-01000797-4
On August 15, 2019, the Cooperative adopted its new name, the Tubao Multipurpose Cooperative (TMC) and started officially its operation. As of August 2019, TMC is worth Php 1,364,357,585.84 in total assets.
The bounds of membership which originally was confined within Tubao, has been extended to accommodate all the towns of La Union, Baguio City, Tuba, La Trinidad & Sablan ( Luzon Wide) an answer to the clamor of other disadvantaged people for a respite from their humble economic conditions. Membership keeps on increasing and as of August 2019, it ranks 2nd in terms of membership (29,557 regular members, 228- associates and 1,148- kiddie saver’s) a total of 30,933.
The day to day affairs of the cooperative is entrusted to Management headed by the Manager who implements policies, programs and projects to attain the goals and objectives as envisioned by the mission and vision , and who has the general charge of the over-all business operations. Notably, the late Manager JOSE Z. TAVARES had served the cooperative from its organization in 1966 up to 2000 with unquestionable integrity & honesty, sincere dedication and managerial expertise. TMC has now a new Manager in the person of MR. ROMULUS F. LAYUG. He is back-staffed by 31 full-time employees who attend to the needs of thousands of members.