1CISP Ended 2018 With a Record-High Growth in Assets

Cooperatives in the Philippines play a big role in nation building. You've probably noticed that I've been writing more about cooperatives in the Philippines primarily because one of them is close to my heart. In my previous blogs, I mentioned how cooperative helped me finished my college education. They played a big role in shaping my future and I will forever remain grateful for their unwavering support.

Banig and other Philippine-made products showcased at the 1CISP Assembly

As a blogger especially during my trips in different parts of the country, I also had the opportunity to meet other cooperatives in the country. One of them is the 1 Cooperative Insurance System of the Philippines Life & General Insurance (1CISP) headed by CEO and President Roy Miclat is currently the largest cooperative insurer in the Philippines.

1 CISP CEO and President, Roy Miclat

There are many challenges being faced by the cooperatives, one is the lack of promotional efforts. Despite of it, 1CISP remains the largest coop insurer in the country. Last week, 1CISP held its annual general assembly at the Crown Plaza Hotel where various members of the coop joined to showcase their products.

In our small group interview with 1CISP representatives led by BGen. Teodoro Evangelista (Ret), Raymond Josepg Salvador they shared the cooperative success and announced a total asset growth by 65% YoY to P2.5B.

Coop participants at the recently held 1CISP Annual Assembly

Roy Miclat, President of 1CISP reported a total assets as of end-2018 reached P2.57 billion, a hefty increase from the cooperative's total assets of P1.55 billion in 2017. According to him the record growth in 2018 was due to positive business landscape for cooperatives during the year as well as their aggressive pursuit of new projects and programs for cooperative businesses in the country.

He also reported that 1CISP ended 2018 with a net surplus of P216 million, a hefty 35% increase from the coop's net surplus of P160 million the previous year. The net surplus was distributed by 1CISP accordinglly; a dividend rate of 12% and an experience refund of 7.19%, which is further broken down into a patronage rate of 2.40% and an experience rate of 4.79%.

In 2018, 1CISP launched three (3) major projects: CoopKicks, 1KoopMart, and 1Koop Leaders Academy. We will share more about these in the future blogs.

The top three products of 1CISP (group insurance) includes: Credit Life, Group Yearly Renewable Term Life Insurance and G Bliss (P150 insurance per year). Currently, 1 CISP has more than  2,000 cooperative members and insuring around 700,000 members. It has been in operation for 44 years.

Kudos to 1CISP and its cooperative members.