The VICTO National Cooperative Federation & Development Center formerly (Visayas Cooperative Development Center) grew out of a need, a need to alleviate the abject poverty and deprivation of the people, to give them the opportunity to take control of their own lives, to restore their human dignity.
The Center's roots date back to the early 1960s when some Canadian missionaries, the Scarboro Fathers, arrived in Southern Leyte. The priests quickly realized that the people they had come to serve were caught in a cycle of exploitation and poverty. So, they decided to do something about it.
Working closely with local community leaders, they came up with a plan called "Saving Souls the Co-op Way". Through co-ops, the people were able to take control of their lives. It wasn't easy, in the beginning there was deep suspicion as many people had bad experiences with earlier failed co-operatives. But gradually the benefits became obvious and before too long co-ops were formed in every parish covered by the missionaries. Co-op power had taken root. As news of their success spread throughout the Visayas, more and more co-ops were organized.
VICTO National Cooperative Federation and Development Center
"Savings Souls the Co-op Way"
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Philippine Cooperative Central Fund Federation
COOP FINANCING : COOPERATION AMONG COOPERATIVES
PCF is a pool of funds from the cooperatives in the Visayas for the purpose of building Financial capacity in order to respond to the financing needs of cooperatives. It is a coop-owned financial system for mutual benefit anchored on trust and the spirit of cooperativism.
In 1978, four (4) Cebu-based pioneering coops pooled Php 5,000.00 each in response to their credit needs at a time when cooperatives were considered high credit risk by the formal banking sector. These 4 coops – Cebu CFI Community Coop, Cebu Peoples Multi-Purpose Coop, Guadalupe Community Multi-Purpose Coop and the Cordova Multi-Purpose Coop – saw the need to set-up a “credit union among coops”.
This began the Coop Inter-lending Fund System which evolved to what is now the Philippine Cooperative Central Fund Federation or PCF. Its new name Philippine Cooperative Central Fund Federation or PCF was approved in March 16, 2009.
Today, PCF has over 235 primary cooperatives in its membership throughout the country. From its humble beginnings of Php 20,000.00 PCF’s total assets now stand at P400million (2011). It has mobilized over P400 million in investments and deposits from member-cooperatives, and in turn has lent at least P600 million to more than 300 cooperators in the Philippines for various projects.
