GSAC posts P80M net surplus for 2020

By Henry S. Totanes


Gubat St. Anthony Cooperative (GSAC) one of the oldest and largest cooperative in the Bicol region posted a Net Surplus Income of P80,292,474 for the year ending 2020. This was reported by its Board of Directors led by its Chairman Engr. Rene Hermo and Chief Executive Officer (CEO) Nonito Collingwood.


These figures were contained in GSAC’s Annual Report for 2020 and presented in the 57th Annual General Assembly last Saturday, March 28, 2021. Because of the pandemic, the assembly was conducted online, through a virtual Zoom meeting, GSAC’s Facebook Page and Channel 4 of Halum Properties’ Cable Network. According to the Secretariat, around 17,000 members preregistered for the assembly and a considerable number followed it live.


With a theme “Building a Resilient and Sustainable Community through Digital Technology, Health Advocacy, Product Innovation and Quality Education,” GSAC was able to return P38.8million as interest on share capital and P16.651million as patronage refund or a total of P55.505million or around 70% of its net surplus to its member-borrowers.


Despite the pandemic, GSAC continued to remain strong with its assets reaching P2.742billion as of yearend 2020. This marked an increase of almost Php700 million from the 2019 figure of P2.154billion. Part of its growth was due to the continued patronage of its members, which by the end of 2020, numbered 24,389 regular and 24,085 associate members for a total of 48,469, a 5,185 increase from the 2019 figure.


Last April 08, 2021, GSAC also marked its 57th foundation anniversary. It was founded on April 8, 1964 by a group of citizens in Gubat, Sorsogon led by its parish priest Msgr. Magencio Rey. With an initial group of twenty-seven (27) members and with a shared capital of two hundred twenty-two pesos (Php222.00), GSAC has grown over 57 years to build assets worth P2.7billion and establish eleven (11) branches and three (3) satellite offices all over Sorsogon and the provinces of Albay, Camarines Sur and Northern Samar.


Under the effective leadership of its Board of Directors, CEO and management and staff, led by its Chair Hermo and CEO) Collingwood, the team has continued to steer GSAC to a direction of profitability, sustainability and availability of funds for its members, despite the pandemic that began in 2020. Aside from granting extended grace periods for loans for its members, it also granted assistance to its from members through its Calamity funds.


The other secret for the success of GSAC is it has diversified into other businesses through its “Allied Services,” which complement the earnings from its loan programs. Among these are the GSAC Mart and Pharmacy, Diagnostic Center, ATM Services, Founders Hall and Hotel, all located in the Main Building along Luna St. Gubat, Sorsogon. It also has an Agricultural Farm and Rice Milling/Trading Facilities in other barangays in Gubat. Recently, it acquired a pharmacy (formerly Bayanihan Drug Store) along Magsaysay Avenue, right at the center of Sorsogon City. The acquisition of a Hospital in Sorsogon City is still under negotiation.


Over the past year, it has structured loans for Transport Cooperatives for their Public Utility Vehicles (PUVs) Modernization Program, to replace the traditional jeepneys that have been plying Bicol’s routes for years. One of these is the Gubat Transport Cooperative (GTC) which manages around 13 units of Russia-made PUVs—white, airconditioned, mini buses which can accommodate in normal times up to 30 passengers. These units are currently plying the 20-km. Gubat to Sorsogon route at reduced capacity.


With these successes despite the pandemic, GSAC invites the residents of the Bicol region to apply for membership. An initial savings deposit of 4,000pesos will be required for regular membership and a lesser amount for associate membership. Everyone is invited to place time deposits with GSAC because the interest rates offered are higher than that of commercial banks.


The call for membership is now higher for those near the branches outside Sorsogon province--in the cities of Legazpi, Tabaco and Ligao in Albay; in the cities of Naga and Iriga in Camarines Sur; and in Catarman, Northern Samar. All told, the membership in these branches totals only 5,868, or a mere 24% of the total regular membership.


Please come be a part of GSAC, for it has been for 57 years and more, truly “The Keeper of your Trust!”