CLARK FREEPORT – Citing its growing community to now more than 2,000 cooperative members and operating offices nationwide as another milestone, the 1 Cooperative Insurance System of the Philippines (1CISP) marked its general assembly with success at the Royce Hotel and Casino here last Friday.
Dubbed, “Leadership and Innovation: Sustaining growth, empowering communities,” 1CISP said it has bolstered its operating offices nationwide in areas such as Pampanga, Cebu, Davao and Iloilo in time with its assembly.
The 1CISP also said it remains in its mission, through continued innovation and a commitment to nation building, to bring financial stability and mutual prosperity to its members.
In a statement, the 1CISP said it was first organized in 1974 to look after the insurance and financial needs of farmers, fisher folk, labor unions, coop-groups, cooperative organizations and individuals who are not normally covered by insurance providers like the Government Service Insurance System or the Social Security System as well as privately owned insurance institutions.
A year after its founding, 1CISP became recognized by the government and was registered with the Department of Local Government and Community Development under Presidential Decree 175 having an initial authorized capital stock of P30 million.
The 1CISP marked its 44th anniversary in January this year and now as a leading cooperative insurance in the country, the 1CISP has been the ‘go-to’ entity for the financial and protection needs of local cooperatives and its members.
However, the 1CISP said its largest hurdle is the fact that many individuals still rely on private insurance companies or public services.
Realizing this, it presented the concept of the “Great Third Path,” an innovative concept where the organization opens up a new venue for people to take other than the obvious service insurance options easily available to them.
With the Great Path, 1CISP said it has also created value for its members by making them shareholders in the organization no matter how big or small the investment.
Since 1CISP is owned and governed by its enlisted cooperatives, members are guaranteed a return of investment through patronage refunds, experience refunds, and annual dividends, a system that is predicated on fairness and trust in its shareholders and members.
By creating a system that promotes financial resilience, fairness and responsibility, 1CISP stands at the forefront of promoting a globally competitive cooperative insurance system.
Among those who spoke during the general assembly was Roy Miclat who said 1CISP “is the biggest cooperative insurance in the country with P25 billion assets and 110,000 members.” Miclat added that 1CISP is “not just an insurance but community builders, and allies in terms of economic growth and reducing poverty in the country.”
Lito Villaueva, managing director of FINTQnologies Corp., an affiliate of PLDT that provides technology on financial service and online banking service, talk on new innovations and high-tech solutions.
“Our difference is that we identify which technology to use, we tech-up the coops, make package technology and expertise to connect the community,” he said.
“But we need to establish partnership because we can’t do it alone. We build solutions together and we pilot to co-create.”
Villanueva also launched the “Kasama Ka (You are included)” campaign to promote financial inclusions through collaboration and digital transformation. “This will strengthen retail banking or ‘sachet banking,’ serve the untapped market, lessen the crisis in generational gap and it will be more appealable to millennials,” he said. “We believe that digital transformation will make any industry or generation sustainable,” he added.
Other notable speakers were MyPhone smartphone owner David Lim who spoke on the importance of proper Filipino values and patriotism in the now technologically advanced world, retired Philippine Air Force Brig. Gen. Teodoro P. Evangelista, and former Agrarian Reform secretary Senen Bacani.
