WMMCoop Success Story
WMMCoop: A Success Story of Growth, Innovation, and Community Impact
Introduction – Brief History of WMMCoop
Western Mindanao Credit Cooperative (WMCCoop) is a dynamic, open-type community cooperative dedicated to fostering financial literacy, alleviating poverty, and strengthening economic resilience in the Zamboanga Peninsula and neighboring regions. Founded with a vision to uplift its members' lives, WMCCoop has continuously expanded its reach and impact.
Registered with the Cooperative Development Authority (CDA) on February 18, 2022, WMCCoop started with 39 founding members and an initial capital of ₱820,000. The cooperative officially began its operations on March 18, 2022, from its main office at Rizal Avenue, Barangay Maloloy-on, Molave, Zamboanga del Sur.
Recognizing the growing needs of its members, the cooperative made strategic decisions to enhance its services and expand its reach. In November 2024, WMCCoop amended its by-laws to:
Expand its services by venturing into consumer products, specifically computers, cellphones, appliances, accessories, and dairy services to provide affordable and accessible goods to its members.
Change its name from Western Mindanao Credit Cooperative (WMCCoop) to Western Mindanao Multipurpose Cooperative (WMMCoop), reflecting its broader scope of services beyond credit and loans.
This transition marks a significant milestone in the cooperative’s journey, positioning it as a more diversified and inclusive cooperative ready to serve its members' evolving needs.
Growth and Achievements
From its humble beginnings, WMMCoop has achieved remarkable milestones in just a few years:
1. Membership Growth
2022: 431 members
2023: 1,002 members
2024: 1,450 members
Growth in 2024: 44.71% increase
2. Financial Performance
Assets: Grew from ₱4.9M in 2022 to ₱40.8M in 2024 (25.54% increase from 2023).
Loans: Expanded from ₱3.57M in 2022 to ₱34.5M in 2024 (19.83% increase from 2023).
Share Capital: Increased from ₱2.64M in 2022 to ₱9.6M in 2024 (20.3% increase).
Deposits: Grew from ₱3.4M in 2022 to ₱30.5M in 2024 (39.91% increase).
Total Loan Released: Climbed from ₱6.8M in 2022 to ₱48.2M in 2024, a 9.79% increase from 2023.
3. Introduction of the Solid Shield Account
In 2023, WMMCoop introduced the Solid Shield Account, a unique financial safety net for members.
Purpose: The Solid Shield Account serves as a source of funding for automatic deductions (Damayan) during the death of a member, ensuring financial assistance is readily available to bereaved families.
Growth:
2023: 192 accounts
2024: 823 accounts (328.65% increase)
This rapid adoption reflects members' recognition of the importance of financial security and mutual aid within the cooperative.
4. Challenges and Stability
Delinquency rate increased from 5% in 2022 to 22.93% in 2024, highlighting the need for continuous financial education and robust risk management strategies. Despite this, WMMCoop remains committed to sustainable growth and financial literacy initiatives.
5. Geographical Expansion
From a single office in 2022, WMMCoop now operates one main office and three satellite offices, ensuring wider accessibility to cooperative services.
Impact on the Community
Beyond financial growth, WMMCoop has significantly improved the lives of its members by:
Providing access to affordable credit for small businesses, farmers, and individuals.
Increasing financial literacy through seminars and personalized financial coaching.
Introducing essential consumer services, such as affordable technology products and dairy services, ensuring members can access quality goods at reasonable prices.
Providing financial protection through the Solid Shield Account, offering automatic assistance to families in times of loss.
Creating employment and business opportunities, boosting local economic development.
The cooperative’s proactive approach to diversification and expansion has strengthened its role as a pillar of economic stability in the community.
Looking Forward
With its transition to Western Mindanao Multipurpose Cooperative, WMMCoop is poised for greater success, ensuring it remains responsive to the evolving needs of its members. By continuously innovating and expanding its services, the cooperative envisions a future where every member thrives economically and socially.