Cebu People’s Multi-Purpose Cooperative (CPMPC) or People’s Coop as it is widely known was organized by the Scarborough fathers in December 21, 1972 through the efforts of VICTO. It was then held first office at Room 209 J. Borromeo Building, F. Ramos Street, Cebu City.
People’s Coop started with 27 members with a total initial share capital of two thousand one hundred seventy five pesos and fifty five centavos (P2,175.55). It was first registered with the Bureau of Agricultural Cooperative Development (BACOD) as a credit cooperative in December 5, 1975 under Registration No. FF-028, and with the Bureau of Internal Revenue (BIR) on October 26, 1993 with Registration No.: OCN 2RC0000816125 and TIN-000-561-388-000. With the approval of RA 6938 in 1990 otherwise known as The Cooperative Code of the Philippines, Certificate of Confirmation No. CEB-A-038 was issued by the Cooperative Development Authority (CDA) on October 28, 1993. And in compliance to RA 9520 or the New Philippine Cooperative Code of 2008, the same Authority issued to the Cooperative a new Certificate of Registration CIN-0102070773 in December 18, 2009.
The first decade of the Cooperative was the most challenging. Like any budding organization, it also had its share of problems in various dimensions. Over its long years of existence, its trend of performance was jagged. It experienced its first bout of high loan delinquencies in 1976. Squabble among its Board of Directors (BOD) in 1978 exacerbated the problem. Factionalism within the leadership was so intense that it required three General Assemblies to settle.
The performance of the cooperative was erratic and unpredictable. Its business fundamentals were oftentimes bearish and poor. And as a consequence, by the end of 1985, membership slid to 906 from 1,500. These were sectors who demanded more access to decision making structure of the cooperative. They called for organizational reforms. They saw the need to restore the confidence of the members.