MANILA--From an initial capital of PHP7,000 put up in 1976 by its 15 founding members, the assets of the Novaliches Development Cooperative Inc. (Novadeci), based in the northernmost parts of Quezon City and Caloocan City, have increased to PHP2.86 billion as of April 2019.
As its assets continue to grow, the 43-year-old cooperative also has expanded its package of services and benefits to its members whose number has risen to 41,083 from just 70 when it was registered on Sept. 3, 1976.
Such package of services and benefits include: Loans and savings deposits; memorial life and pre-need plans; insurance coverage (life, fire, car, and accident); medical-dental clinic and drug store; cooperative-run supermarket; and scholarship for children of qualified members.
As additional benefit for its members, it has put up a housing project which was inaugurated in June last year.
Novadeci has also partnered with the Social Security System (SSS) as an agent for collection/non-collateral services.
As a result of its impressive performance, Novadeci has reaped several awards, including the “Gawad Pitak sa Ginintuang Award sa Pinakatanging Kooperatiba” which was given by the Land Bank of the Philippines (LBP) in 2008.
In August 2007, the same cooperative was presented the elite “Gawad Pitak Hall of Fame” award, plus PHP100,000 fixed assets on a Non-Agricultural-Based Category. In 2006, Novadeci was adjudged first place in the Non-Agricultural-Based Category.
The other awards received by the Novaliches-based cooperative include: “Cooperative-LocaL Government Unit (LGU) Partnership Award” given by the Quezon City government on Jan. 23, 2007; “Most Outstanding Multi-Purpose Cooperative” from the Cooperative Development Authority (CDA) on Oct. 28, 2006; “Most Outstanding Organization” from the Quezon City government, Oct. 11, 2006; 1st place, ”National Level Non-Agricultural Category, Pinakatanging Kooperatiba ,” 2006; 3rd place, ”Best Land Bank-Assisted Credit Cooperative in Metro Manila; and Land Bank’s “Gawad Pitak” in 1997.
Novadeci has branch and satellite offices in Fairview, Tandang Sora, Cubao, Munoz, and Banawe, Quezon City; and Camarin, Bagong Silang, and Bankers Village in Tala, Caloocan City.
How Novadeci was born
According to the Novadeci website, in the latter part of the 1970s, an old slaughterhouse in Novaliches was ordered closed by the Quezon City government for non-compliance with sanitation and health requirements. This prompted the vendors in the privately-owned Susano Market at the old Novaliches Poblacion to hold a meeting to address this concern.
Their agenda was mainly to provide solution to the meat vendors’ problem of lack of meat supply and need for additional capital to continue their businesses and to address the sanitation and health problems.
In a subsequent meeting, the idea of forming a cooperative was brought up.
There were 70 original members when the Novaliches Vendors Credit Cooperative Inc. (NVCCI), headed by Pedro de Jesus, was first registered in September 1976. The cooperative was later re-registered and renamed Novaliches Development Cooperative Inc.
In 1984, Novadeci opened its membership even to non-market vendors. Gradually, the number of its members grew in size and expanded its operations.
In 1989, the cooperative acquired a lot and constructed a four-story building at the corner of Buenamar Ave. and Sarmiento St., just off Quirino Highway in Barangay Novaliches Proper.
Nine years later, another six-story structure was built beside the first building.
Novadeci has been included in the “Gallery of Successful Cooperatives” listed in the Book on Cooperativism, “An Urgent Call for Cooperative Revolution” authored by former Bulacan Gov. and Presidential Adviser on Cooperatives Development Roberto M. Pagdanganan. (PNA)
