House honors CFI for LBP coop award

CEBU, Philippines - The House of Representatives has honored the Cebu CFI Community Cooperative for being conferred the 2016 Gawad sa Pinakatanging Kooperatiba-Platinum Award by the LandBank of the Philippines.

Cebu Fourth District Rep. Benhur Salimbangon sponsored House Resolution No. 277 congratulating and commending the CFI.

“Cebu CFI Community Cooperative’s unprecedented achievements have been recognized by the LandBank of the Philippines and conferred on Cebu CFI Community Cooperative the 2016 Gawad sa Pinakatanging Kooperatiba – Platinum Award, Non-Agri-Based Category, the highest award for Cooperatives ever given by the LandBank of the Philippines on August 10, 2016 at Manila, Philippines,” read Salimbangon’s resolution.

He filed the resolution last August 24, 2016.

The award is given every three years to cooperatives regarded as influential leaders in the cooperative industry for implementing major programs that benefit their communities.

The CFI was founded by then Judge Francisco Tantuico and the late Judge Esperanza Garcia on April 7, 1970 to relieve court employees from usurious interest rates from lending individuals.

The CFI initially had 29 court employees who comprised the close-type cooperative membership with an initial capital of P200.

Through the leadership and management skills of Garcia, wife of former Deputy Speaker Pablo Garcia and mother of former congressman Pablo John Garcia and Deputy Speaker Gwendolyn Garcia, CFI now is an open-type cooperative with 98,591 members and a total asset of P11 billion as of June 2016.

The CFI through the years, through the business acumen of its leaders, was able to establish a school, insurance, health care, grocery and office rental business.

Following the death of Esperanza, Pablo assumed the chairmanship of CFI after he was elected by the Board of Directors for continuity of the legacy of the founding chairman. (FREEMAN)