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The idea of cooperative was born in the late 90’s because of the need of the Municipal Employees of Binalbagan for more reasonable source if financial assistance. At the time many resorted to borrowings from usurers who charged 10% to 20% monthly interest. Previous attempts to organize a cooperative did not materialize because of apprehensions arising from the past bad experience of Employees.
It took patience and continuing education on the advantages if organizing a cooperative and presenting success stories of the other cooperative in other cities and municipalities that finally convince them to give it a chance. Thus, BIMEC came into being.
The BINALBAGAN MUNICIPAL EMPLOYEES MULTI-PURPOSE COOPERATIVE (BIMEC) was formed last October 27, 1997 with only 64 members and with only Twelve Thousand Eight Hundred Pesos (P 12,800.00) Capital Build up and Membership Fees of Three Thousand Two Hundred Pesos (P 3, 200.00), it did not have enough transactions until the middle part of 1998 when it started granting loans in the amount of Seven Hundred Fifty Pesos (P 750.00) per cooperator who completed their required Capital Build Up. The Cooperative’s Constitution and By Laws was approve by the Cooperative Development Authority (CDA) on February 5, 1998.
Under the Leadership of its first Chairperson Jaime G. Delprado Jr. who served for six years. With the assistance of the Municipal Government, Provincial Government and the Land Bank of the Philippines membership expanded and Capital Build Up grew. After 8 years of existence it ventures into lending as the main source of our income and about 3yrs ago it went to merchandising business with the Municipal Government of Binalbagan supplying Office and other supplies. With Sufficient capital that was more than members can borrow, the cooperative was in a dilemma on what to do with the extra capital. Upon advice from different support agencies of the need to convert from a closed type to an open type Cooperative. The change was inevitable on December 22, 2004 under a new Chairperson Edna M. Cabalfin, it became an Open type Cooperative with a new name, BINALBAGAN MULTI – PURPOSE COOPERATIVE, while retaining the acronym it was best known for BIMEC.
