TAMPCO gets another 50 years to operate

Tabuk City, Kalinga- With the referendum deciding the fate of Tabuk Multipurpose Cooperative in March 2021, results of the votes came out with overwhelming number of yes assuring the members of the cooperative to be served for another 50 years.

The yes votes had it with 26,367 surpassing the target which is at least two thirds or 22,742 of 34,114 TAMPCO members.

This year the billionaire cooperative is celebrating its 50th anniversary but as per Cooperative Development Authority regulation, it also ceases to operate if its license is not renewed which can only be done through a referendum.

In the referendum it is likewise required that two thirds of the total number of members should vote yes or should agree to extend the life of the cooperative. Failure would mean otherwise.

Signing of consent resolution

During the referendum TAMPCO likewise solicited approval for consent resolution. What were asked were to increase the authorized share capitalization to P8 billion and to authorize the board of directors to approve necessary documents needed for 2021 normal operation of TAMPCO.

According to Acting CEO Rev. Claudio Bagano, the current pandemic hampered TAMPCO's regular general assembly due to the restrictions of mass gathering imposed. Because of this, a referendum as well as consent resolution was chosen as an alternative.

Highlights of results

Out of 34,114 members, only 26,640 or 78.08% participated during the said event. A total of 26,367 among the participants voted Yes when asked with the question, ‘Do you want to extend the term of existence of TAMPCO to CDA for another 50 years?’ Three participants from Santiago, Lacnog, and Tabuk City voted for No.

When asked if they agree with the increase of the authorized share capitalization to P8 billion, 26,632 voted Yes and 8 (6 from Tabuk City and 2 from Rizal and Santiago Branch) disagreed.

The participants were further asked if they ‘want to authorize the Board of Directors (BOD) to approve all necessary documents needed for 2021 normal operation of TAMPCO on behalf of the General Assembly,’ to which 26,538 voted Yes while 102 voted otherwise.

The next move of the cooperative is to submit the results to the Cooperative Development Authority informing them of the desire of the members to keep the cooperative alive for another 50 years.

For the members, this another milestone in TAMPCO’s history and the unfolding of a new leaf in its service to its members and communities where it operates.

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