IT STARTED small, yes, (in numbers) but never small in faith and vision.
Exactly 50 years ago, the Sta. Ana Multipurpose Cooperative (Samulco), formerly known as Sta. Ana Parish Cooperative Credit Union Inc. (Sapcocu), was initiated by then parish priest, Rev. Father Gerard Loiselle, PME. It was on February 26, 1967 when 21 incorporators unite and invested P242 to promote dignity among its members through financial literacy and by extending loan services with most affordable interest.
Sapcocu was run by five members of the board of directors headed by Hardencio Hofilena as founding president, Hipolito de Guzman, Pedro M. Domingo, Epifanio Datoy, and Jovito Placa. The board of directors was assisted by three committees: Credit, Audit and Education.
The birth of Sapcocu was viewed by its members and officers as their beacon of hope, their strongest weapon against economic crisis.
Sapcocu underwent several changes through the years. In 1972, as it expanded its scope of membership to the community outside the parish, it adopted the name Sta. Ana Community Cooperative Credit Union (Saccocu). It later evolved into the Sta. Ana Credit Cooperative Inc. (Sacreco) until it became its present identity: Samulco.
The way Samulco withstand all the struggles and challenges brought by the worldwide crisis in 1973 and Martial Law nightmares is noteworthy as other banks had to close at the height of the inflation. In fact, in its 9th Annual General Assembly, the treasurer reported to its members that the coop had achieved its goal of reaching the “million mark.”
Also, Samulco officers were engaged in social action movement.
Samulco, in weathering the storms of time, bannered the cooperative spirit to reign and enable themselves resilient to the crises and challenges of times.