ThoMEC was established and registered as a Multi-Purpose Cooperative in August 2006 with an authorized share capital of 25 million pesos. The cooperative was organized to provide legal personality to the Employees’ Provident fund (EPF) which was an existing unregistered savings and credit association cum parallel retirement plan of the non-academic employees.
The EPF assets has grown so big over the years of its operation that it was time to separate it from the structure of the University and have its own legal personality. In the last year before the change to cooperative, EPF has a total assets of 60 million pesos. The main purpose for having its own legal personality is for the organization to “spread its wings and soar even higher”.
Most of the non-academic employees numbering about 500 were members of the then EPF. When it was decided to register the same as a cooperative, only about 165 members stayed on to become members of the newly formed cooperative with 14000 plus subscribed shares, most of which were paid. As of March 2009, the cooperative has grown again to 276 members, with subscribed shares of 25,000 + and paid up of P21,000+. The Authorized share capital has been amended and has been increased to 50 million pesos.
To become the best managed cooperative in the country and provide maximum benefit to all its members and stakeholders
To improve the quality of life and enhance economic opportunities of the Thomasian employees through cooperativism
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