2009 SBMPC Annual Report

SUBIC BAY MULTI-PURPOSE COOPERATIVE
2009 ANNUAL REPORT

C OOP SERVICE AT ITS BEST E NERO 1—D ISYEMBRE 31, 2009
55 TH A NNUAL G ENERAL A SSEMBLY

AND E LECTION OF O FFICERS
Main Branch Castillejos Branch

Bldg. 670 Main Gate Area, Subic Bay Freeport Zone D-2, Castillejos Public Market, Castillejos, Zambales
Dinalupihan Branch Iba Branch

Gen. Luna St., Dinalupihan, Bataan Zone 1, Iba, Zambales
TEMA: “KOOPERATIBA, MAAASAHAN

NGAYON AT KAILANMAN”
S UBIC G YM , S UBIC B AY F REEPORT Z ONE , P HILIPPINES
26 M ARCH 2010
T ABLE OF CONTENT
N OTICE OF THE GA & ELECTION 3

PANGAKONG
P ALATUNTUNAN 4
KOOPERATIBA
M ESSAGES : 5-15
M S . L ECIRA V. J UAREZ , CDA C HAIRPERSON
M R . M ANUEL A. M AR , CDA, R EGIONAL D IRECTOR
H ON . M ITOS H. M AGSAYSAY , ! ST D ISTRICT , C ONGRESSWOMAN Bilang Pilipino
A TTY . A MOR D. D ELOSO , G OVERNOR , I BA Z AMBALES
H ON . A NNE M ARIE C. G ORDON , V ICE G OVERNOR , I BA Z AMB .
H ON . J AMES G OR DON J R ., M AYOR , O LONGAPO C ITY Ako ay kaisa at lubusang
H ON . W ILMA D. B ILLMAN , M AYOR , C ASTILLEJOS Z AMBALES
H ON . J OEL J AIME P. P AYUMO , M AYOR , D INAL UPIHAN B ATAAN
RADM F ELICIANO G. S ALONGA , PCGA, SBMA C HAIRMAN naniniwala sa Kooperatiba
M R . A RMAND C. A RREZA , SBMA A DMINISTRATOR & CEO
M S . L ETICIA M. D OROPAN , FCCR3 C HAIRMAN Mahina ako kapag nag-iisa
M INUTES OF THE 54 TH GENERAL ASSEMBLY 16-21
Ngunit malakas sa pakikipagbigkis
M ESSAGE FROM THE CHAIRMAN 22 sa iba
C ONSOLIDATED ANNUAL REPORTS 23-26 Kaya’t inilalaan ko ang aking sarili
2009 A UDITED F INANCIAL S TATEMENT 27-41 Na gagawa, na makikiisa
B UDGET FOR 2010 42 Para sa kaunlaran ng lahat
Paunawa: Ako ay dadalo sa mga gawaing
TAKDANG ARAW NG PAGKUHA NG pang-kooperatiba
DIBIDENDO AT PATRONAGE REFUND NG TAONG 2009
Ang pamamahagi ng dibidendo at patronage refund ay may umiiral na
Isasakatuparan ko lahat ng
patakaran. Ang kasaping kwalipikadong kumuha ng nasabing benepisyo ay
dapat magsadya sa tanggapan ng SBMPC sa petsang nakatala sa ibaba:
pananagutan
Numero ng Libreta Petsa At patuloy na mamumuhay sa
8927-44518 Pebrero 19, 2010
44523-46630 22
pilosopiya ng Kooperatiba
46631-48100 23 Iisang pananaw
48103-48903 24
48905-R-872 25
Iisang paniniwala
May problemang account 26 Iisang damdamin
“Ang mga hindi kumuha sa takdang panahon ay may pagkakataon pang kumuha
anumang oras na may opisina mula ika-1 ng Marso hanggang ika-30 ng Sa samahang kooperatiba
Setyembre 2010 lamang.”
Ang mga hindi kinuhang benepisyo sa nasabing itinakdang panahon ay mapapaso Ang aking buhay ay iaalay
(forfeited) at magiging kita ng Kooperatiba...
Kasihan nawa ako ng Panginoon.
PALATUNTUNAN
UNANG BAHAGI
• Misa ng Pasasalamat sa Tanggapan ng SBMPC
na Magsisimula sa ganap na 8:00 ng umaga………………….Opisyales, Kawani at Miyembro
• Pagpapatala ng mga Kasapiang Dadalo sa harapan ng
Subic Gym mula 9:00 ng umaga hanggang 2:00 ng hapon…….Kawani ng SBMPC
• Pulong Pangkahalatan ay magsisimula sa ganap ng 2:00 ng hapon…..Lupon ng Halalan
• Panalangin……………………………………………………...G. Rolando R. Alarcon, Lupon ng
Patnugutan
• Pambansang Awit ng Pilipinas…………………………………...Gng. Almira T. Capistrano, Lupon ng
Patnugutan
• Cooperative Hymn……………………………………………...Audio Visual Presentation
• Pangakong Kooperatiba………………………………………….Gng. Armila M. Alviz, Lupon ng
Patnugutan
• Bating Pagtanggap……………………………………………….Gng. Leticia M. Doropan, Tagapangulo
Lupon ng Patnugutan
• Pagpapakilala ng Panauhing Pandangal…………………………..Gng. Nancy M. Bernal, Lupon ng
Patnugutan
• Pananalita ng Panauhing Pandangal……………………………...Lion Remigio L. Alvarez, District Governor
• Paggawad ng Sertipiko ng Pagkilala at Pagpapahalaga……………..Lupon ng Patnugutan
IKALAWANG BAHAGI
• Pagtawag ng Kaayusan ng Pulong……………………………….Gng. Leticia M. Doropan
• Pagpapahayag ng Quorum, Pagpapatunay ng Paanyaya sa Pulong
At Pagbasa ng Katitikan ng ika-54 Taunang Pulong………….Gng. Jet T. Galarretta
• Pagpapatibay ng Ulat ng Lupon ng Patnugutan at Pamunuan……...Gng. Leticia M. Doropan
• Pagpapatibay ng Financial Statements at 2009 Budget…………….Lupon ng Patnugutan
• Mungkahing Resolusyon………………………………………..Lupon ng Patnugutan
• Pagtawag sa Pagtatapos ng Pulong……………………………….Gng. Victoria P. Corpuz, Tagapangulo
Lupon ng Halalan
IKATLONG BAHAGI
• Raffle Draw…………………………………………………….Lupon ng Halalan
• Scholarship Grand Draw………………………………………...Lupon ng Edukasyon at Pagsasanay
IKA-APAT NA BAHAGI
• Halalan at Pagpapahayag ng Resulta ng Halalan…………………...Lupon ng Halalan
Mga Guro ng Palatuntunan: G. Antonio Dela Cruz
P AGE 5 2009 ANNUAL REPORT
Republic of the Philippines

Department of Finance
COOPERATIVE DEVELOPMENT AUTHORITY
Pampanga Extension Office
2/F CLK Bldg. Dolores, City of San Fernando, Pampanga
MESSAGE
Multi--Purpose Cooperative as you

My warmest greetings to the members, officers and staff of the Subic Bay Multi
celebrate your 55th Annual General Assembly on March 26, 2010.
A cooperative is a potent means of harnessing the scattered resources of people of limited means and opportu-
nities for a more productive economic undertaking. It shows how ordinary people, by helping one another, can gener-
ate sufficient capital and adequate volume of business to make an economic undertaking a viable and going concern.
It is very commendable that your cooperative had withstands the test of time and grown into what it is to-
day, responsive to members’ needs and the community as well. Being an active and stable cooperative for fifty five
years is a manifestation of your tenacity of purpose worthy of emulation by others.
With the theme of your cooperative, “KOOPERATIBA, MAASAHAN NGAYON AT KAILANMAN” for
this year may continue the noble aims of cooperative movement and the upliftment of life of our fellowmen.
Mabuhay! And God Bless you all…

MESSAGE
I would like to congratulate the entire workforce and members of Subic Bay Multi-Purpose Cooperative
(SBMPC) on the occasion of your “55th Annual General Assembly Meeting and Election of Officers on Friday, 26 March,
2010.
I am certain that in the fifty-five (55) years that SBMPC has been in operation, it has weathered many storms and
struggled through challenges, and yet has come out better that ever because of the firm determination of each and every-
one of you to succeed and advance as a cooperative organization. Your association and the government unite to establish
interactive linkages with the manifestation of the desire and commitment to help the masses to be more responsible, dis-
ciplined and competitive through livelihood trainings. May you continually grow and extend aid not just financially but
to educate our fellow cooperators, the proper management of the cooperatives’ resources and challenges them in setting
the best cooperative performance standards. Let this event be a venue for members’ morale to be strengthened and
boosted so that they can contribute effectively to the cooperative as well as the community’s development.
Cooperative creates an ideal environment for healthier economic activity and a better standard of living. Their
noble mission to improve and uplift socio-economic condition by providing loans, livelihood programs, scholarships, and
other services are great contributions to the community. Your organization’s battle cry, “Coop Service At Its Best”, cov-
ers up three (3) functions namely; Coop Services in deposits and loans, Coop Benefits in damayan fund and loan produc-
tion plan, and Coop Program in scholarship, livelihood training and cooperative education.
Cooperatives are at work in almost every country and economic sectors. The SBMPC continues empowering its
members for the purpose of meeting their common needs and which they themselves manage control and share the eco-
nomic benefits on the basis of participation and patronage. Continue to respond with flexibility and innovation to the
challenges and changes posed by globalization making people continue to choose cooperatives to address their needs.
True enough, cooperatives in the Philippines have gone a long way and are now utilized by the government as the more
effective tools for economic development. It is very commendable that your cooperative had survived the test of time
and has grown into what it is today – responsive to the members’ needs and the community as well. Being an active and
stable cooperative for more than five decades is a manifestation of your tenacity of purpose worthy of emulation by oth-
ers. Now more than ever is the time to prove your worth as an effective mechanism for the economic empowerment of
your members.
Your chosen theme: “KOOPERATIBA, MAAASAHAN NGAYON AT KAILANMAN” provides the basic an-
swer to your success.
MESSAGE
Some succeed by what they know; some by what they do; and a few by
what they are. The success of Subic Bay Multi-Purpose Cooperative com-
bines all of these elements, as proof, you are now fifty-five (55) years old.
I would like to congratulate each and every members, officers and pa-
trons of SBMPC for your dedications and sterling commitments to see the
cooperative meet its supreme goal-growth and progress to the lives of its
members and the community around it.
With the numerous recognitions and citations received, SBMPC be-

comes the frontrunner of cooperativism worthy of emulation and a model of
inspire others who strives to become one.
With your presence in this town, I am sure that my constituents will

share the benefits and could acquire services particularly in starting their
business interest through lending assistance and membership.
Again, congratulation and may you reach further and become instru-
ment to economic viability of our community. Mabuhay!
MESSAGE
MESSAGE
Mabuhay and congratulations to the Subic Bay Multi-Purpose Cooperative (SBMPC) on its 55th
year of service to Filipino workers in Subic Bay Freeport, Olongapo City, and the towns of Dinalupihan,
Castillejos and Iba!
A recent boost to the Philippine cooperative movement is the signing into law of Republic Act.
No. 9520, by President Gloria Macapagal Arroyo, seeking to strengthen the operation of cooperatives
and improve their services to members.
Through cooperatives, practically every need of ordinary households, families, farmers, fisher
folks, and small entrepreneurs is serviced, thus spreading opportunities for the betterment of the major-
ity. This, in turn, can be expected to redound to economic development, particularly in the Philippine
countryside.
It is my hope, therefore, that the SBMPC would endure in serving the good of its members and
impact positively on the lives of many by promoting the principles of cooperation, volunteerism and self
-reliance.
Mabuhay kayong lahat!

C OOP SERVICE AT ITS BEST P AGE 15
FEDERATION OF CREDIT COOPERATIVES

IN REGION III (FCCR3)
Bldg. 670, Main Gate Area, Subic Bay Freeport Zone 2222
Reg. No. KAT-068 – May 17, 1983
MESSAGE
Warmest Greetings to the 55th General Assembly Meeting of the Subic Bay Multi
-Purpose Cooperative.
Very few cooperatives exist for years like you; most died a natural death usually because
of members and leadership failure.
Success often comes to those who dare and act and I salute the men and women behind
SBMPC’s success. This country needs you to continue with the growth and development of the
cooperative movement.
Your theme “Kooperatiba, maaasahan ngayon at kailanman” only shows how effective
and efficient the members and the leaders have been working and cooperating together.
Again my Congratulations and Mabuhay!

MINUTES OF THE 54TH ANNUAL GENERAL ASSEMBLY MEETING HELD ON FRIDAY

13 MARCH 2009 AT SUBIC GYM, SUBIC BAY FREEPORT ZONE, PHILIPPINES
PART I – OPENING CEREMONY
Registration of attendees for determination of the quorum started at 9:00 a.m. At around 3:00
p.m., the meeting was formally opened with prayer followed by the singing of National Anthem led by
Director Armila M. Alviz and Pangakong Kooperatiba led by Director Nancy M. BernaL.
As for the welcome address, Director Leticia M. Doropan acknowledged the presence of the coop
members who are employed / working with SBMA, FSC, Fedex, Olongapo City Local Government,
Muslim Brothers Association, market vendors, sari-sari store owners and various locators.
Director Leticia M. Doropan also introduced the Guest of Honor as a distinguished person known
for his outstanding leadership qualities and capabilities. His genes are a mixture of two of the most
remarkable and highly respected personalities in political and community service in the City of Olongapo.
He is married to the incumbent Zambales Vice-Governor and Olongapo City First Lady Anne Marie
Cunada-Gordon and blessed with a daughter, Amelia Jane who is a consistent honor student at Mary
Mount University, where she is studying as a scholar. This energetic and musically gifted Mayor
graduated from Ateneo de Manila University with a degree of Bachelor of Art in Political Science. He
pursued his graduate studies in the United States where he took up Master of Arts at the Loyola
University in Chicago, Illinois.
Mayor Gordon is highly praised not just for his political achievements but for his musical feat as
well having been awarded the Gold Record for his first album “Fighting for Excellence”. His second album
“Bonggo: Deep Inside My Mind” has topped national record sales, with the hit single “You Say”.
One of his major programs is the reinforcement of the disaster response and management of
Olongapo City. Owing to the risk posed by climate change and other environmental factors, he has taken
great pains to address these problems and has been successful so far. This success is proven by the
major awards received by the city on disaster response, particularly the Gawad Kalasag given by the
President Gloria Macapagal Arroyo for which the city has been elected to the Hall of Fame for winning
three years in a row. Owing to the numerous citations of the city with regards to excellent disaster
management and response, he was appointed by the President Gloria Macapagal Arroyo as the head of
training on disaster response in Luzon. He is also the acting chairman of the Philipphine National Red
Cross – Olongapo City.
Ladies and gentlemen, it is with utmost pride that I introduce to you the Mayor of Olongapo City –
Honorable James “Bong” Gordon, Jr.
The general membership warmly welcomed Honorable James “Bong” Gordon, Jr.
Honorable James “Bong” Gordon, Jr. acknowledged and gave thanks to the SBMPC Board of
Directors, Officers, Staff and the general membership. Mayor Gordon noted that our cooperative is so
lucky to be one of the successful cooperatives here in Olongapo. Moreover, he reiterated that honesty
and hard work are the key to success of every sector.
He samples his parents, who put up a Jimmy’s Little Kitchen which was started at Castillejos
during the war, and after the war his family has nothing. Upon the success of Jimmy’s Little Kitchen his
father thought of other business, they put up an Admiral Theater which was the first theater after World
War II – 1947, and from there chains of admiral restaurant and hotels and other businesses came up.
He noted the progress of SBMA, Olongapo and Zambales, and one of the indicators of progress,
he informed the general membership is that the Ayala Corporation would be putting up a commercial
center. Moreover, he still inaugurates opening of the hotels and banks here in Olongapo. He encourages
the general membership to prepare our cooperatives in the up coming progress of the community and to
increase the revenue. The general membership, officers and staff should promote the good things about
the cooperatives. He encouraged Cooperatives to venture to different kind of business. He congratulated
SBMPC for its continued existence since 1954, surviving all odds and still growing with assets of more
than 100M.
As last word, he ended up reminding the general membership to choose the right, deserving, hard
working and honest officers for the cooperative. He said, “Success is a Journey it is not a Destination”.
Director Leticia M. Doropan, assisted by Director Armila M. Alviz, Director Nancy M. Bernal,
Director Almira T. Capistrano and Director Rolando R. Alarcon, awarded a certificate of recognition to
Hon. James “Bong” Gordon, Jr., in sincere recognition, gratitude and admiration for graciously serving as
guest speaker for sharing his time, knowledge, expertise and experience.
PART II – THE BUSINESS MEETING
1. Call to Order – BOD Chairman Leticia M. Doropan again welcomed and thanked each and every
member of the SBMPC for actively participating in today’s annual general assembly meeting and
called the Annual General Assembly meeting to order and gave the floor to the Board Secretary for
the proof of due notices.
2. Proof of Due Notice – The Board Secretary confirmed that GA Notices dated 17 February 2009
were personally delivered by the management staff at the members’ business addresses and some
were sent via mail. Furthermore, the Board Secretary confirmed that the Election Committee
announced this gathering through streamers that were posted infront of the SBMPC office and other
conspicuous places in Olongapo City and Subic Bay Freeport Zone.
3. Certification of Quorum – The Board Secretary informed the body that based on the record of the
Finance Section; the cooperative had a total of 1,556 members in good standing (MIGS) as of 31
December 2008. As per SBMPC by-laws, determination of quorum is based on the 25% of the total
number of members entitled to vote or participate; thus, the presence of 404 members in good
standing is required. The Board Secretary asked the Chairman of the Election Committee to report
to the body if the required quorum was attained. EleCom Chairman Victoria P. Corpuz publicly
announced that there were 685 active members who have registered as of 2:07 p.m. With the
reported figures, the Board Secretary certified the presence of the quorum and the general assembly
was declared capable of conducting its business.
4. Reading and Approval of the Minutes of the 53rd Annual General Assembly Meeting – The
Board Secretary Jet T. Galarretta presented the minutes of the 53rd annual general assembly meeting
printed from pages 11 to 12 of the 2008 Annual Report. Ms. Estrella Bundang, OCLG Employee with
Passbook No. 45580 moved and duly seconded by Ms. Aida Fuerte the minutes of the 53rd Annual
General Assembly Meeting dated 07 March 2008 printed on page 11 to 12 was approved as
presented.
On motion duly made and seconded, the General Assembly unanimously approved the following
resolution:
GA Resolution No. 01, Series of 2009:

Resolved, as it is hereby resolved, that the minutes of the 53rd Annual General Assembly meeting
dated 07 March 2008 be approved.
5. Annual Reports – The Chair presented to the general membership the consolidated annual
accomplishment report of the following officers and committees and asked the body for any
clarification, comments and approval:
a. Board of Directors – Mr. Joselito Querido, FSC Fire (45035) moved and duly seconded by
Ms. Sherrylyne Jurado, SBMA PWTSG (47735) for the approval of the report of the Board of
Directors printed on pages 13-14 as presented.
resolution.

Resolved, as it is hereby resolved, that the report of the Board of Directors printed on page 13-14 be
approved.
b. Audit & Inventory Committee – Mr. Joselito Querido, FSC Fire (45035) moved and duly seconded
by Ms. Sherrylyne Jurado, SBMA PWTSG (47735) for the approval of the report of the Audit &
Inventory Committee printed on page 14 as presented.
resolution:

Resolved, as it is hereby resolved, that the report of the Audit & Inventory Committee printed on page
4 be approved.
c. Credit Committee – Ms. Estrella Bundang, OCLG Employee (45580) moved and duly seconded by
Ms. Aida Fuerte, FSC-GB (44581) for the approval of the report of the Credit Committee printed on
page 15 as presented.
resolution:

Resolved, as it is hereby resolved, that the report of the Credit Committee printed on page 15 be
approved.
d. Election Committee – Upon reading the election committee report printed at pages 16-21.
The presiding Officer opens the floor for recommendation, motion or approval of the report.
Mr. Edgar Allan Pajaro made a clarification on election guidelines in determining the members in
good standing.
The Presiding Officer reiterated the responsibility of members to patronize coop service and
regularly pay their obligation to the cooperative in order for them to be considered members in good
standing. It is the privilege of the members in good standing to participate in the General Assembly and
to elect the SBMPC officers. She also read the guidelines printed on 2008 Annual Report on pages
16 – 17 under Article II (Registration).
The general membership unanimously agreed / accepted the explanation of the Presiding Officer
regarding the in determination of the members in good standing as stated in the election guidelines.
However, Mr.Edgar Allan Pajaro, SBMA-Acctg (44946) moved for the deferment of the approving
and reading of the reports printed at the 2008 Annual Report from pages 16-46 and which was abruptly
seconded by Ms. Elizabeth Quino, SBMA-LADD (21050) for the deferment of the approval of the
remaining committee reports printed from pages 16 to 46 for further study of the general membership.
However, Ms. Criselda Pascual, SBMA Labor (48703) contested the motion of Mr. Edgar Allan
Pajaro and instead moved for the approval of the concerned reports to continue the meeting proper
which was seconded by Ms. Lucila Filipino, SBMA-PWTSG (47625).
With the said scenario considering that there was an existing motion and duly seconded by
aforementioned members on the deferment and approval of reports as printed in the annual report, Ms.
Olivia Dizon, FSC-GB suggested to divide the house.
The Election Committee asked the general membership regarding the suggestion for the division of
the house and majority of the members agreed with the said suggestion through raising the right hand.
After the division of the house procedure, the general membership unanimously voted for the
continuation and approval of the remaining reports, which was printed at 2008 Annual Reports from
pages 16 to 64 as presented.
Resolved, as it is hereby resolved, that the 2008 Annual Report printed from pages 16 to 46 was
approved.
6. Raffle Draw – The Education and Training Committee held a grand raffle draw of Scholarship and the
results were as follows:
Prizes: Name: Ticket No.

Blue Bag (Grocery Item) Joel Arzadon 42989
Ernesto Ramos Sr. 44181
Teresita Miguel 34204
Lolita Esteban 49261
Gray Bag (Grocery Item) M.G. Dungog 40287
Silvina Acierto 52516
Imelda De Leon 53874
Veronica Eclarinal 52607
Marrianne Hannigan 53700
Carmelita Mellendrez 53122
Ludevico Todavia 47524
Ernesto Santos 50288
M. Lagman 52434
Juice Container Rosita Gloria 50725
Flat Iron Marcelina Acero 47581
Mercy Diago 55042
Water Jug Armando Rumeral 44739
Melody Villamanto 46389
Kettle Carolina Pamintuan 54008
Ma. Dolores Dagta 48565
Gas Stove Araceli Jimenez 55096
Airpot Wilfredo Ecleo 46931
Electric Fan Carlos Dela Cruz 50364
Television Corazon Ortiz 47915
1/2 Cavan of Rice Aida Fuerte 47433
Angelito Del Cuzar 55046
Eva Abraham 48966
Renato Ching 53201
20 Half Cavan of Rice:
Merly Idanan - 0344 Violeta Viejo - 0503

Almira Capistrano - 0286 Teofilo Mangaoang - 0332
Leonila Aurel - 0360 Liza Tenerife - 0713
Norbelita San Juan - 0645 Erlinda Ignacio - 0365
Margarita Abadia - 0104 Asuncion Bandolon - 0021
Miguela Domingo - 0175 Elna Aurel - 0499
Marilou Esguerra - 0543 Anita Aseras - 0019
Fred Delos Santos - 0329 Zenaida Mina - 0547
Dolores Diomino - 0194 Erma Nusellas - 0486
Elma Biando - 0004 Carmen Calubhay - 0255
7. Election Result – The Election Committee under the chairmanship of Ms. Victoria P. Corpuz, Vice Chairman
William M. Dulay and Secretary Jomar S. Ebardo conducted the election of officers. As a result of the foregoing
election, the name of the candidates as stated below, duly certified by the Election Committee were proclaimed
winners, as follows:
Position/Name Total Votes

Board of Directors
Rolando Alarcon 392 Elected
Nancy Bernal 311 Elected
Almira Capistrano 439 Elected
Edgar Layco 220
Audit & Inventory Committee

Stephen Ferrer 323 Elected
Gloria Gadiano 426 Elected
Edgar Allan Pajaro 239
Credit Committee
Leo Frondarina 163
Ranny Magno 475 Elected
Joel Viray 375 Elected
Election Committee
Joemando De Vera 172
Vincent Esteban 439 Elected
Renato Gayondato 425 Elected
8. Adjournment – The meeting adjourned at 6:00 p.m.

LET TER TO THE SHAREHOLDERS…...

Dear Fellow Coopera- But it pains me so much erative.
tors, that despite of our efforts
to help members, these
efforts are not enough to And to the officers, I
Simpleng pananalita satisfy them. cannot find words to tell
which describes how you how much I appreci-
much cooperation among ated the very much
members in the coopera- Through the years of needed support you have
tive works. Such has my stay as the Chairman extended to me as Chair-
been proven by most of of the SBMPC, it gives man. I believe that this is
us especially during hard me joy to be working the best working group T HE COOPERATIVE
times. Ako mismo ay with officers and staff so far and without your IS STILL HELPING
THE MEMBERS COPE
magpapatunay na mula who served and protect cooperation, understand- UP WITH ALL THE
ng makilala ko ang koop- the ideals of cooperativ- ing and support, we ECONOMIC
eratiba, it has greatly ism. There might be could not have lived up PROBLEMS TODAY
AND I AM PRETTY
changed my life and my some disagreements at with our name as SURE THAT THIS
views on how this or- times but these often “Achievers” COOPERATIVE WILL
ganization can be de- lead us to agree on things STILL BE THERE TO
HELP US
pended upon not only by for the common good TOMORROW ...
myself but my family and that will benefit the ma- Let us not make our
friends as well. The co- jority. indifference hinders a
operative is still helping working progress instead
the members cope up let us make it a tool to
To the members I en- move forward to a higher
with all the economic
couraged you to keep on level of service.
problems today and I am
pretty sure that this co- patronizing our SBMPC
operative will still be for this will be our road As we progress, we
there to help us tomor- to progress and with the members behind the
row. SBMPC around our eco-
nomic hardships will al- SBMPC can always say
ways be taken cared of. that Kooperatiba maaasa-
There is nothing more han ngayon at kailan-
rewarding for us than to man!!
see a member relieved To the management
from the burden of finan- staff, I thank you for
cial problems it might bearing with me, keeping
not be in the form of gift up with my management
or donation but defi- style and leadership. Re-
nitely the reality that member that there is al-
there is an organization ways room for improve-
we can lean on during ment and this will lead to
the times of our needs. a very progressive coop-
Consolidated Annual Report - Board of Directors,

Committees and Management:
Ang buong pamunuan ng Subic Bay Multi-Purpose Cooperative ay malugod na bumabati ng
mapayapa at makabuluhang 55th General Assembly sa lahat.
Napakabilis lumipas ng panahon parang kailan lamang naririto rin tayo at matagumpay nating
idinaos ang 54th General Assembly pati na ang eleksiyon ng mga opisyales, ngayon nandito
tayong muli, umaasa ng isang matagumpay na pagpupulong at eleksiyon ang magaganap.
From left: Nancy Bernal, Armila Alviz, Rolando Alarcon,
Sa nakaraang isang taon ng aming panunungkulan bilang inyong mga opisyales, we are very Leticia Doropan & Almira Capistrano.
pleased to report to you, that we were able to overcome all the economics challenges no mat-
ter how complex they are and we can very well say that the overall operations have been stressful but yet very successful.
W HAT WE HAVE DONE …
1. We have augmented our income. We have put up investment with other progressive cooperatives which gave us interest of 10% to
12% per annum tax exempt. This totaled to P5,500,000.00 broken down as follows:
N AME OF C OOPERATIVES I NVESTMENT

Federation of Credit Cooperatives in Region III 100,000.00
Olongapo Government Employees MPCI 2,000,000.00
Angeles City Government Employees MPC 1,000,000.00
Clark Manpower Cooperative 1,000,000.00
Overseas Filipino Workers MPC 400,000.00
Ospital Ning Angeles MPC 1,000,000.00
2. We expanded our operations and increased membership. We have opened additional branches in Zambales, which was coordinated
with the LGU where branch is located.
D ATE O PENED L OCATION

August 2009 Iba Branch – near Iba Public Market
October 2009 Castillejos Branch – Castillejos Public Market
To encourage more members’ participation we have distributed body bags to members in good standing last December
2009.
3. We have facilitated payroll deduction collections from our members’ employees. We have also signed up Memorandum of Agree-
ment (MOA) with different employers/locators including SBMA.
Locators/Employers Signatory
SBMA Mr. Armand Arrezza, Administrator
Provincial Capitol Office of Iba Hon. Amor Deloso, Governor
Magellan’s Galleon Marine, Inc. Mr. Brian J. Homan, President
Xerographics Mr. Allan Provindido, General Manager
4. We provided additional services to our members. We have signed up MOA with Star Botika represented by Mr. Joaquin R.
Buenaflor, Proprietor, a locator that can provide goods and services to our members at a very low cost and easy payment
terms.
We also put up “Ukay Ukay” sale in observance of the cooperative month for members to avail quality goods and materials at
the lowest possible price ever.
5. The Audit and Inventory Committee has been consistently conducting surprised cash counts,
operations and financial audit to ensure that all transactions are recorded and accounted for in
accordance with the generally accepted accounting procedures and using the Standard Chart of
Accounts (SCA).
For the year 2009, ang kabuuang kinita (gross receipts) ay P11,493,851.00 at P5,234,778.00
para sa gastusin (expenses). Lahat tayong mga kasapi ay tatanggap ng dibidendo na 6% at 14% From Left: Fernando Aquino,
patronage refund bilang balik-tangkilik sa ating kinita. Gloria Gadiano, Stephen Ferrer.
6. Ang Credit Committee naman po ay patuloy na pinag-aaralan kung paano pa natin

matutulungan ang mga miyembro sa mga financial na pangangailangan. Nag open po
tayo ng bagong loan windows tulad ng Financing and Credit Card Refinancing Loan at
Lucky Seven Loan.
So far ang kabuuang na-process nating loans ay 4,658 na umabot sa halagang

P92,470,649.90 broken down as follows:
From Left: Joel Viray, Erwin Cabe & Ranny Magno.
TYPES OF LOAN MAIN IBA DINALUPIHAN

Financing Loan 1,834,533.08 0.00 103,505.00
Secured Loan 31,361,320.00 0.00 0.00
Regular Loan 32,862,000.00 0.00 0.00
Lucky Seven Loan 1,840,000.00 0.00 0.00
Salary Loan 438,000.00 0.00 35,000.00
Hundred Days Loan 5,185,000.00 205,000.00 4,851,000.00
Real Estate Loan 4,530,000.00 0.00 0.00
Emergency Loan 7,102,000.00 0.00 0.00
Mini Loan 1,976,000.00 0.00 0.00
Credit Card Refinancing Loan 26,721.98 0.00 0.00
MEAL 120,569.84 0.00 0.00
7. Sa pamumuno ng Election Committee, matagumpay naman po nating nairaos ang at-

ing halalan at General Assembly ng 2009. Sa kabuuan mayroon po tayong naitalang
685 miyembrong nagrehistro at 680 miyembrong bumoto out of 1,556 members in
good standing. Namahagi rin tayo ng MIGS T-shirt sa lahat ng bumoto at nagbigay din
tayo ng raffle prizes sa mga miyembrong nag-participate sa ating General Assembly at
Eleksiyon. Wala po tayong naitalang election protest sa taong 2009 at ang naidekla-
rang nanalo sa halalan ay nakapaglingkod ng maayos sa SBMPC. From Left: Renato Gayondato, Victoria Corpuz &
Vincent Esteban.
8. Ang atin pong Education and Training Committee ang siyang patuloy na naglilinang at nagbibigay ng kaalaman sa ating mga
miyembro at nakapag-conduct ng 24 seminars sa 480 miyembro. Sa kasalukuyan mayroon tayong 3,920 active members. Note
that we have lost membership from the closing of FedEx, Subic Bay Satellite Inc. and retrenchment of FSC employees.
Mayroon din tayong ginanap na livelihood trainings tulad ng cassava making and accessory making to help members augment
their income.
Nagkaroon tayo ng lakbay aral at teambuilding workshop for the career development of our officers and staff.
These resulted to the efficient and effective performance in conducting our operations and resulted to minimal com-
plaints from our members.
May naitala po tayong anim (6) na miyembro, who died in the year 2009 and we were able to pay the beneficiaries P120,000.00
as damayan benefits. Such amount was a great help to the survivors in their time of mourning.
At present we also have the following scholars (sons and daughters of members) which we have paid tuition fees and with
monthly allowances:
Name School Course

Myla Lei Pablo Mondrian Aura College Associate in Accountancy
Ma. Victoria Cabarles Subic Lyceum Associate in Computer Technology
Leonel Enriquez St. Joseph College High School
9. Ang Property Management and Delinquency Control Committee ay patuloy na sumusubaybay sa ating mga pautang upang ito
ay mabayaran lalo na ng mga miyembrong may delinquent accounts. Mayroon po tayong total na koleksiyon na P4,501,879.63
mula sa ating miyembrong nagkaroon ng kaunting problema sa kanilang bayarin. Sa kasalukuyan ang ating past due rate ay 13% at
ang current accounts rate ay 87%. Nangangahulugan po lamang na maayos na pagmamanage pinansyal ng ating mga miyembro sa
kanilang loans.
May sampung (10) collection cases na rin po tayong nai-file sa korte at ang mga ito ay nakipag-ugnayan na sa ating pamunuan at
nag submit ng proposal kung papaano nila mababayaran ang kanilang hiniram sa ating kooperatiba.
Mayroon na din po tayong ipina-process na dalawang (2) Real Estate foreclosure sa mga hindi nakakabayad ng kanilang Real Es-
tate Loan.
10. Through our Personnel Management Committee, we have hired three (3) new personnel to augment our staffs assigned at Iba
and Castillejos Branch. The three- (3) additional staff appointment started from trainee and currently being paid as contractual
employees. Position descriptions of all management staffs have been reviewed and updated as well as the SBMPC Personnel
Manual which has been reviewed and revised. We have also managed our own Health Insurance Program to maximize health
benefits for our officers and staff. In addition, annual physical examination has been required to all our staff.
11. Our Community and Business Development Committee continuously coordinates for the improvement of the services we are
providing to members. To promote SBMPC globally, we have created our website for members to access wherever they are.
Updates and happenings regarding SBMPC operations can be viewed in the web (www.subicbaympc.org).
We have on going talks with SM Appliance Store, Sun Cellular, Royale Business Club International, Bio Nutrient and other
income generating business.
We also have conducted community outreach programs. We donated goods to the Missionary of Charity, an institution taking
care of abandoned children and senior citizens. We also donated goods to Botolan residents who have been badly affected by
typhoon “Kiko”.
We did participate in a joint project with Lions Clubs International in extending help through medical mission and providing
goods to Botolan Zambales when the place was subsequently hit by typhoon “Ondoy”.
We joined SBMA in the observance of the Misa De Gallo and offered goods.
12. Ang Cleanliness and Beautification Committee ay matiyagang nag-maintain ng kabuuan ng ating coop building upang ito
ay manatiling malinis at safe para sa ating lahat. Naiayos ang mga kawad ng kuryente at ang mga sirang bulletin boards ay
masinop na. They have ensured also that leaks during rainy season are prevented and/or corrected. Patuloy po nilang
iniaayos ang ating kapaligiran.
13. The Grievance and Conciliation Committee is studying the revision of our guidelines on handling grievance and
conciliation in accordance with the new cooperative code of the Philippines RA9520. So far the committee received no
complaint for the year 2009.
W HAT WE PLAN TO DO IN THE COMING YEAR …
Last August 2009 we have our strategic planning to revisit what we have planned in the past and to review and check what needs
to be improved and what we need to do. We came up to agree on the following:
1. Mamili ng sariling lupa costing P5M, to where the SBMPC will stand in the future.
2. Expand our operations to other towns of Bataan, Pampanga and Zambales to reach out more members in their financial
needs.
3. Go into franchising business worth P10M in the near future to further increase our revenues.
4. Conversion of the SBMPC Training Room into SBMPC Training Center, where we can conduct more courses/seminars for
members.
5. Open new loan windows like Agri Loan / Housing Loan / Car Loan depending on members’ capacity to pay.
6. Venture into Rent-A-Car business and Tie-up with different locators.
7. Go on full computerization and upgrade the existing accounting system to better serve our members.
What we have done and whatever we plan to do in the near future are all geared towards providing the best coop services a mem-
ber could get. And we are looking forward that SBMPC will be there forever for us to lean on in times of needs. We are very
proud to say that inspite of the global recession we are still here doing business and serving our members.
SBMPC maasahang tunay ngayon at kailanman!!!

SUBIC BAY MULTI-PURPOSE COOPERATIVE

NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
____________________________________________________________________________________
1. Cooperative Information
Subic Bay Multi-Purpose Cooperative (“the Cooperative”) was registered with the Cooperative Development Authority on September 30, 1991 with principal
office at Building 670, Subic Bay Freeport Zone.
The Cooperative is engaged in providing goods and services and granting of loans exclusively to members and other similar services for productive and
providential purposes.
In 2009, the Cooperative opened two branches in Iba and Castillejos, Zambales. The first branch was established in Dinalupihan, Bataan in 2008.
As a registered multi-purpose cooperative, the Cooperative enjoys certain privileges provided under R. A. 6938, otherwise known as the Cooperative Code of
the Philippines, such as exemption from all taxes both local and national. Consequently, a new law known as R.A. No. 9520 or the Philippine Cooperative Code
of 2008 was approved in 2009 to amend R.A. No. 6938.
Under Bureau of Internal Revenue Memorandum Circular No. 48-91, cooperatives dealing and transacting business with members and non-members and with
accumulated reserves and surplus of not more than P10 million are exempt from all taxes of whatever name and nature on their transactions with members,
among others. For cooperatives with accumulated reserves and undivided net savings of more than P10 million, exemption from income tax shall be for a period
of 10 years reckoned from the date of its registration with the CDA.
The financial statements of the Cooperative for the year ended December 31, 2009, including the comparatives for the year ended December 31, 2008, were
authorized for issue by the Board of Directors (BOD) on February 16, 2010.
____________________________________________________________________________________
2. Basis of Preparation
The financial statements are presented in Philippine Pesos. The financial statements have been prepared on a historical cost basis. Property, plant and equipment
were not measured at fair value since the carrying values as of report date are still higher than the replacement costs.
The preparation of financial statements in conformity with Philippine Financial Reporting Standards (PFRS) requires management to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the
basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the
estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The accompanying financial statements were also prepared in accordance with the principles and practices as mandated by Cooperative laws, principles and
practices.
The Company’s adoption of the Philippine Accounting Standards and PFRSs did not result in material adjustments to the financial statements of the current and
prior years, except for the reclassification of certain accounts in the 2008 financial statements to be consistent with the 2009 financial statement presentation as
set forth in Note 20.
Summary of Significant Accounting Policies

The following summary explains the significant accounting policies which have been adopted in the preparation of the financial statements:
Cash and Cash Equivalents

Cash includes cash on hand and cash with banks.
Cash accounts with the banks generally earn interest at rates based on daily bank deposit rates.
Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities of three months or
less and that are subject to an insignificant risk of change in value.
Receivables
Loans Receivable. Loans to members are stated at the outstanding principal balance, reduced by allowance for probable losses on loans. The Cooperative offers
various types of loans, which are peg with different interest rates based on the term, or maturity of the loan.
Allowance for Probable Losses on Loans. The Cooperative provides an allowance for probable losses on loans based on a fixed predetermined rate on the
outstanding loan balance. An allowance for probable loan losses is provided if there is objective evidence that the Cooperative
will be unable to collect all amounts due on a claim according to the original contractual terms or the equivalent value. An allowance for probable losses is
reported as a reduction of the carrying value of a claim on the statement of condition. Additions to the allowances and provisions for
probable losses are made through provision for credit losses.
Trade receivables. Trade receivables are recognized and carried at original invoice amount less an allowance for any uncollectible amount. Provision is made
when there is objective evidence that the Cooperative will not be able to collect the debts. Doubtful accounts are written off when identified.
Inventories
Inventories are valued at lower of cost or net realizable values.
Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation, amortization and impairment losses, if any.
Initially, an item of property, plant and equipment is measured at its cost, which comprises its purchase price and any directly attributable costs of bringing the
asset to working condition and location for its intended uses. Subsequent expenditures are added to the carrying amount of the asset when it is probable that
future economic benefits, in excess of the originally assessed standard of performance, will flow to the Cooperative. All other subsequent expenditures are
recognized as expenses in the period in which they are incurred.
Property, plant and equipment are stated at cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment in
value. Such cost includes the cost of replacing part of such property and equipment when that cost is incurred if the recognition criteria are met.
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may
not be recoverable. Valuations were performed to ensure that the fair value of an asset does not differ materially from its carrying amount as of December 31,
2009.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the
income statement in the year the asset is derecognized.
Depreciation and amortization are computed on the straight-line method over the following estimated useful lives:
_______________________________ Number of years
Land Improvements 15
Building and Improvements 25
Office Furniture, Fixture and Equipment 2-5
Transportation Equipment 4_______
Leasehold improvements are being amortized over the estimated useful lives of the assets or the term of the lease, whichever is shorter.
Financial Liabilities
Financial liabilities include bank loans, trade and other payables, as well as Interest on Share Capital and Patronage Refund Payable to the Cooperative’s
members.
These are recognized when the Cooperative becomes a party to the contractual agreements of the instrument. All interest related charges are recognized as an
expense in the Statement of Operations under the caption Finance Costs.
Trade payables are recognized at their nominal value. Interest on Share Capital and Patronage Refund Payable are recognized as financial liabilities based on the
Cooperative’s By-Laws as well as Cooperative laws and regulations.
Financial liabilities are derecognized from the balance sheet only when the obligations are extinguished either through discharge, cancellation or expiration.
Retirement Fund
The Cooperative has not established a formal retirement fund. However, it accrues the estimated cost of retirement required by the provision of RA No. 7641 -
Retirement Law.
Equity
Share capital is determined using the nominal value of shares that have been issued to members as stated in the by-laws.
Undivided net surplus includes undistributed portion of all current and prior period results as disclosed in the statement of operations.
Donated capital is carried at original cost.
Statutory funds are determined as discussed in Note 14.
Revenue Recognition
Income is recognized to the extent that it is probable that economic benefits will flow to the Cooperative and the income can be reliably measured.
(a) Credit Activities

Interest. The Cooperative derives its revenue from credit activities extended exclusively to members. Revenue is recognized based on the terms and type of
loans where interest income calculated is deducted in advance from the principal of the loan.
The Cooperative grants rebates to regular loans renewed before its maturity date based on a policy adopted by the Board of Directors allowing borrowers who
have paid at least 50% of the original loan to qualify to a new regular loan.
Interest income from loans are recognized as income over the term of the loans using the modified accrual method.
Interest on interest-bearing deposits and placements are recognized as the interest accrues.
Service Charges, Fines and Penalties. Service fees, fines and penalties are recognized only upon
collection or accrued when there is reasonable degree of certainty as to its collectibility.
(b) Trading Activities

Sale of Goods. Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer.
Operating Lease Payments

Leases which do not transfer to the lessee substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease
payments are recognized as expense in the statement of operations. Associated costs, such as maintenance and insurance, are expensed as incurred.
Judgments
In the process of applying the Cooperative’s accounting policies, management has made the following judgments, apart from those involving estimation, which
have the most significant effect on the amounts recognized in the financial statements:
Contingencies. Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an outflow of resources
embodying economic benefits is remote. Contingent assets are not recognized in the financial statements but are disclosed in the notes to the financial statements
when an inflow of economic benefits is probable.
Estimates
The estimates and assumptions used in the financial statements are based upon management’s evaluation of relevant facts and circumstances of the
Cooperative’s financial statements. Actual results could differ from those estimates.
Useful Life of Property and Equipment. The Cooperative estimates the useful lives of property and equipment based on the period over which the assets are
expected to be available for use. The estimated useful lives of property and equipment are reviewed periodically and are updated if expectations differ from
previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation
of the useful lives of property and equipment is based on collective assessment of industry practice, internal technical evaluation and experience with similar
assets. It is possible, however, that future results of operations could be materially affected by changes in estimates brought about by changes in factors
mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in
the estimated useful lives of property and equipment would increase recorded operating expenses and decrease non-current assets.
Property and equipment net of accumulated depreciation and amortization P1.53 million and P1.31 million as of December 31, 2009 and 2008, respectively (see
Note 9).
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
3. Cash and Cash Equivalents

This account consists of:
2009 2008_________
Cash on hand P 595,582 P 1,154,974
Cash in bank 12,200,777 20,427,657
Cash in other cooperatives 5,400,000 1,016,736
Cash in cooperative federation – FCCR3 100,000 100,000________
P 18,296,359 P 22,699,367____
____________________________________________________________________________________________________________________
4. Loans Receivable
2009 2008__________
Loans P 56,549,747 P 58,439,605
Allowance for probable losses on loans (1,373,709) (1,102,447)_____
Loans – net P 55,176,039 P 57,337,158___
The aging analysis of loans receivable is presented as follows:

2009 % 2008 %_____
Current P 47,871,573.42 84.65% P 49,840,813.78 80.95%
1 – 30 days past due 324,445.60 0.57% 223,530.00 0.42%
31 – 60 160,685.00 0.29% 121,119.00 0.56%
61 – 90 256,349.05 0.45% 3 07,278.64 0.39%
91 – 360 1,326,810.00 2.35% 1,607,470.29 2.56%
Over 360 days 6,609,884.37 11.69% 6,339,392.96 15.12%__
TOTAL P 56,549,747.44 100.00% P 58,439,604.67 100.00%

Movements in the allowance for probable losses on loans are as follows:
2009 2008____
Balance at the beginning of year P 1,102,447 P 859,393
Provision during the year 271,262 246,585
Accounts written off during the year - (3,532)___
Balance at the end of year P 1,373,709 P 1,102,447
____________________________________________________________________________________________________________________
5. Other Receivables
2009 2008____
Interest P 7,549,887 P 7,523,924
Due from accountable officers and employees 37,292 58,283
Due from PFCCO 102,475 102,475
Trading 279,209 147,341
Miscellaneous 1,316,542 839,834
Allowance for doubtful accounts (1,810,313) (1,353,411)
P 7,475,092 P 7,318,446
____________________________________________________________________________________________________________________
6. Inventories
2009 2008________
Mini grocery P 418,865 338,580
Pharmacy (Note 16) 6,941 13,196_______
P 425,806 P 351,776____
____________________________________________________________________________________________________________________
7. Prepayments and Other Current Assets

2009 2008_______
Unused office supplies P 205,277 P 104,710
Refundable deposit 27,500 15,000
Prepaid expenses 178,757 98,764_____
P 411,534 P 218,474___
____________________________________________________________________________________________________________________
8. Long-term Investments
2009 2008_______
Cooperative Bank of Zambales P 1,152,000 P 1,142,000
FCCR3 133,237 127,237
Others 5,112 4,753______
P 1,290,349 P 1,273,990_
9. Property. Plant and Equipment

The rollforward analysis of this account consists of:
Land Buidling and Office Furniture Transporatation Leasehold Total
Improvements Improvements and Equipments Equipments Improvements __________
At December 31, 2008
Acquisition cost P 19,800 P 3,749,474 P 2,700,513 P 829,505 P 24,226 P 7,323,518
Accumulated depreciation (14,520) (3,715,896) (1,486,794) (798,317) - (6,015,527)
Net book value - beginning P 5,280 P 33,578 P 1,213,719 P 31,188 P 24,226 P 1,307,992
Year ended December 31, 2009

Net book value - beginning P 5,280 P 33,578 P 1,213,719 P 31,188 P 24,226 P 1,307,991
Additions - 61,227 275,488 - 73,637 410,352
Depreciation (3,960) (10,468) (133,269) (12,475) (29,329) (189,501)
Net book value - end P 1,320 P 84,337 P 1,355,937 P 18,713 P 68,534 P 1,528,842
At December 31, 2009

Acquisition cost P 19,800 P 3,810,701 P 2,976,001 P 829,505 P 97,863 P 7,733,870
Accumulated depreciation (18,480) (3,726,364) (1,620,064) (810,792) (29,329) (6,205,028)
Net book value - end P 1,320 P 84,337 P 1,355,937 P 18,713 P 68,534 P 1,528,842
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________
10. Other Assets

2009 2008_______
Computerization costs – net P 192,000 P 121,790
Other receivables 818,499 624,707
Other funds and deposits 13,938,156 13,438,957
Miscellaneous assets - 688________
P 14,948,655 P 14,186,142
The fund set aside as guarantee fund for a labor case involving an employee of SBMPC was reclassified to this account pending the final
resolution of the case which is presently being contested by the legal counsel for certain considerations.
___________________________________________________________________________________________________________________
11. Deposit Liabilities

2009 2008_________
avings deposits P 4,028,026 P 3,565,822
Time deposits 6,072,464 5,944,328
Instant kwarta 3,312,076 4,490,178_____
P 13,412,566 P 14,000,328___
Deposits Portfolio
Type Minimum Minimum Holding Interest Rate
Investment Period (p.a.)____
Time deposit P 50,000 12 months 5%
Instant Kwarta 5,000 90 days 4%
Savings deposit 1,000 1 month 1%
____________________________________________________________________________________________________________________
12. Other Current Liabilities

2009 2008_______
Savings allotment P 4,250,954 P 4,250,954
Others 114,329 145,295_____
P 4,365,283 P 4,396,249__
____________________________________________________________________________________________________________________
13. Donated Capital

This amount represents the incentives given by the Cooperative Bank of Zambales (CBZ) to Mr. Ranny D. Magno for the years 2005- 2 0 0 9 . The
incentives were voluntarily donated by Mr. Magno to SBMPC as additional investment in the shares of CBZ.
____________________________________________________________________________________________________________________
14. Allocation and Distribution of Net Surplus

The Cooperative’s articles of cooperation, as amended, explicitly provides that its net surplus at the end of the fiscal year shall be distributed in
the following manner:
a) Ten percent (10%) shall be set aside for the reserve fund. This general fund is created to provide for the stability of the Cooperative and to absorb
losses, if any, in its business operations.
b) Five percent (5%) for education and training fund.
c) Four percent (4%) for optional fund.
d) The remaining net surplus shall be made available to the members in the form of interest on share capital not to exceed the normal rate of return
on investments prescribed by CDA and patronage refunds.
____________________________________________________________________________________________________________________
15. Income from Credit Activities

2009 2008_________
Interest income from loans P 8,996,357 P 9,568,419
Service fees 1,726,882 1,663,365
Fines, penalties and surcharges 646,447 977,614_______
P 11,369,686 P 12,209,398___
16. Income from Trading Activities

2009 2008___________
Mini-grocery
Sales P 1,188,953 P 1,149,460
Less – Cost of sales
Merchandise inventory, beginning 338,580 107,176
Purchases 1,149,529 1,290,043
Merchandise inventory, end (418,865) (338,580)
Spoilage, breakage and other losses - 26,103_________
P 119,708 P 64,718________
Pharmacy
Sales P 22,757 P 38,188
Less – Cost of sales
Merchandise inventory, beginning 13,196 4,242
Purchases 12,045 39,953
Merchandise inventory, end (6,941) (13,196)_______
P 4,457 P 7,189________
P 124,165 P 71,907_______
___________________________________________________________________________________________________________________________________
17. Administrative Expenses

2009 2008
Salaries and wages P 2,288,265 P 2,022,450
Employees' benefits 1,092,451 791,630
Officers honorarium & allowances 597,787 319,999
Provision for doubtful accounts 456,902 415,365
Power, light and water 319,198 240,602
Meetings and conferences 294,177 326,632
Provision for retirement benefits 284,633 577,650
Office supplies 274,505 302,388
Provision for probable losses on loans 271,262 246,585
General assembly meeting 249,580 126,685
SSS, Philhealth, Pag-ibig & EC contributions 192,462 171,169
Depreciation and amortization 188,260 244,529
Transportation and travel 187,711 111,159
Collection 172,714 198,770
Professional fees 161,997 121,000
Trainings and seminars 158,670 -
Promotions and advertisements 121,121 120,853
Communication 103,662 70,504
Repairs and maintenance 95,182 106,892
(forward)
2009 2008______________
General support services 80,332 99,943
Insurance 74,015 79,735
Representation and entertainment 50,149 57,419
Members' benefits 17,054 7,600
Periodicals, magazines and subscription 16,789 31,398
Rental 2,000 28,000
Taxes and licenses 5,135 11,500
Others 122,930 325,570_____________
P 7,878,943 P 7,156,027__________
___________________________________________________________________________________________________________________________________
18. Prior Period Adjustments

The balance of undivided net surplus has been restated from amount previously reported to reflect retroactive adjustment of Scholarship and Damayan
Fund transactions.
___________________________________________________________________________________________________________________________________
19. Retirement Benefits

Republic Act No. 7641 (New Retirement Law) took effect on January 7, 1993. Under the new law, the Cooperative is required to provide minimum
retirement benefits to qualified retiring employees. At present, the Cooperative has accrued the estimated retirement costs pertaining to R.A. No. 7641.
The Cooperative intends to establish in the future a formal, tax qualified retirement plan to comply with the law.
___________________________________________________________________________________________________________________________________
20. Reclassification
Certain accounts in 2008 were reclassified to conform with the 2009 presentation of financial statements.

2009 SBMPC Annual Report

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SUBIC BAY MULTI-PURPOSE COOPERATIVE

2009 ANNUAL REPORT

55 TH A NNUAL G ENERAL A SSEMBLY

Main Branch Castillejos Branch

Dinalupihan Branch Iba Branch

TEMA: “KOOPERATIBA, MAAASAHAN

N OTICE OF THE GA & ELECTION 3

Republic of the Philippines

Multi--Purpose Cooperative as you

Mabuhay! And God Bless you all…

With the numerous recognitions and citations received, SBMPC be-

With your presence in this town, I am sure that my constituents will

Mabuhay kayong lahat!

FEDERATION OF CREDIT COOPERATIVES

Again my Congratulations and Mabuhay!

MINUTES OF THE 54TH ANNUAL GENERAL ASSEMBLY MEETING HELD ON FRIDAY

PART I – OPENING CEREMONY

PART II – THE BUSINESS MEETING

GA Resolution No. 01, Series of 2009:

GA Resolution No. 02, Series of 2009:

GA Resolution No. 03, Series of 2009:

GA Resolution No. 04, Series of 2009:

GA Resolution No. 05, Series of 2009:

Prizes: Name: Ticket No.

Merly Idanan - 0344 Violeta Viejo - 0503

Position/Name Total Votes

Audit & Inventory Committee

8. Adjournment – The meeting adjourned at 6:00 p.m.

LET TER TO THE SHAREHOLDERS…...

Consolidated Annual Report - Board of Directors,

W HAT WE HAVE DONE …

N AME OF C OOPERATIVES I NVESTMENT

D ATE O PENED L OCATION

6. Ang Credit Committee naman po ay patuloy na pinag-aaralan kung paano pa natin

So far ang kabuuang na-process nating loans ay 4,658 na umabot sa halagang

TYPES OF LOAN MAIN IBA DINALUPIHAN

7. Sa pamumuno ng Election Committee, matagumpay naman po nating nairaos ang at-

Name School Course

W HAT WE PLAN TO DO IN THE COMING YEAR …

6. Venture into Rent-A-Car business and Tie-up with different locators.

SBMPC maasahang tunay ngayon at kailanman!!!

SUBIC BAY MULTI-PURPOSE COOPERATIVE

Summary of Significant Accounting Policies

Cash and Cash Equivalents

Property, Plant and Equipment

Donated capital is carried at original cost.

Statutory funds are determined as discussed in Note 14.

(a) Credit Activities

collection or accrued when there is reasonable degree of certainty as to its collectibility.

(b) Trading Activities

Operating Lease Payments

3. Cash and Cash Equivalents

The aging analysis of loans receivable is presented as follows:

TOTAL P 56,549,747.44 100.00% P 58,439,604.67 100.00%

7. Prepayments and Other Current Assets

9. Property. Plant and Equipment

Year ended December 31, 2009

At December 31, 2009

10. Other Assets

11. Deposit Liabilities

12. Other Current Liabilities

13. Donated Capital

14. Allocation and Distribution of Net Surplus