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A New ECCOBANK Launched In Mindanao – A Historic Milestone For The 1EC-MCO MOVEMENT

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Zamboanga del Sur – On July 07, 2021, a milestone event was celebrated by the 1EC-MCO Movement – the launching of the pioneering Electric Cooperatives Consumer-Owned Bank, ECCO BANK. The event was held within the compound of Bukidnon II Electric Cooperative, Inc. (BUSECO) Headquarters in the picture-postcard Municipality of Manolo Fortich, Province of Bukidnon.

Gracing the official launching include Senator “Migz” F. Zubiri, NEA Administrator Edgardo R. Masongsong, Party-list “Power Bloc” Representatives namely, Rep. Presley C. de Jesus of PHILRECA, Rep. Sergio C. Dagooc of APEC, Rep. Godofredo N. Guya of RECOBODA, and  Rep. Adrian A. Ebcas of AKO PADAYON PILIPINO. Other 1EC-MCO Movement Leaders who graced the occasion were Atty. Janeene D. Colingan, Exe. Director/GM of PHILRECA, NAGMEC President GM Allan L. Laniba, NCECCO President Rey V. Villanueva, PHABDREC President Atty. Gloria C. Corrales, NCECCO Exe. Director Corazon D. Cullantes, One EC-MCO Movement Foundation President Edmundo Y. Pacamalan, Jr., REFC CEO Iglorio R. Hinayon, New Covenant Bank, Inc. Chairman Raymundo Dionisio, AMRECO President Jose Raul A. Saniel, and GM Christopher A. Dulfo of BUSECO.  The event was also attended by various Board Presidents, General Managers, and other officers of Electric Cooperatives in Mindanao.

During the ceremonial launching, messages of solidarity poured in as the 1EC-MCO Movement Council of Leaders recognized the ECCO Bank as a significant milestone towards uplifting the lives of the member-consumer-owners (MCOs) and pursuing the goal of contributing to rural development and nation-building.

Highlighting the program is the presence of Senator Juan Miguel Zubiri, Chairman of the Senate Committee on Cooperatives, who expressed his unwavering support to the 1EC-MCO Movement. In his message, the Senator said, “The best way of rural development is through Cooperativism. The ECCO BANK is a novel idea, one that should have been done a long time ago.” Senator Zubiri committed to Champion the interests and advocacies of the electric cooperatives in the Senate, especially on the renewal of EC franchises, which the Senator promised to be the “Ponente.”

The establishment of a bank owned by the electric cooperative consumers has been a long-time dream of NEA Administrator Edgardo Rama-Masongsong.  The launching of the ECCO BANK is the realization of that vision and is an important and exciting milestone in 1EC-MCO Movement’s broader transformation and rural development strategy. For the 1EC-MCO Movement, launching an ECCO BANK is not just about establishing a business activity. It is about empowerment, equitability, and genuine rural development in which the Movement will be the prime mover towards a new economic order.

Though a Rural Bank, ECCO BANK has some more significant relevance and ambitions. The establishment of ECCO BANK will help the government’s vision of financial inclusion, extending financial services at affordable costs to disadvantaged and low-income Filipinos who are unbanked or underbanked. The Bank is envisioned to empower EC member-consumer-owners (MCOs) in the rural area through an equitable savings scheme. An MCO can open passbook savings account for as low as Php 10.00 minimum deposit; thus, enabling easy access to the financial services of the ECCO BANK.

NEA Administrator Edgardo Masongsong said that in line with the rural electrification mandate of electric cooperatives, the ECCO BANK is an ancillary program for rural development. “We want to teach each MCO in the rural communities to practice and create a habit of ‘thrift and savings.” Admin Masongsong said.

The Administrator envisions that the ECCO Bank being a rural bank, will become one of the largest banks in the country. He said that ECCO BANK would offer a full suite of products and services for the MCOs, including financing micro-businesses, remittances, and bill payments.  Admin Masongsong added that every time an MCO pays their power bill, the electric cooperatives would encourage and engage them to deposit only Php 10.00 monthly in their account, which could be a significant source of capital for the Bank. The ECCO BANK has relevance in the operations of the electric cooperatives as this will push for 100% collection efficiency with the Bank’s next-in-line feature of automatic debit of electric bills payment of an MCO, the Administrator said.

Mindanao electric cooperatives are excited to support the 1EC-MCO Movement’s noble venture. The ECCO BANK envisioned opening more branches in each franchise area of electric cooperatives nationwide to engage rural electric consumers to deposit and save.

The establishment of an ECCO BANK is one of the strategies to achieve the 7-point agenda of the National Electrification Administration (NEA) and the 1EC-MCO Movement 7-point advocacies.

(Source: Zamsureco1, photo courtesy of ZDS Electric Cooperative)

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