PART I: Description of the Cooperating Agency
oUR LADY OF GRACE CREDIT COOPERATIVE was founded in 1967 by the Holy Name Society, an organization in Our Lady of Grace Parish. The Cooperative was formed in 1965 through the initiatives of Brother Angel Gallardo while he was President of the Holy Name Society in order to provide financial assistance to parishioners in need. With initial capital of P750.00 from each of the 15 incorporators, the Holy Name Society organized the Cooperative on November 23, 1967 and named it “Our Lady of Grace-Holy Name Society Credit Cooperative.” The initial capital together with the savings of members, the Cooperative was able to grant loans to member-borrowers who utilized the proceeds to fund their business ventures. The member-borrowers were freed from the clutches of usurers who victimized them with high interest rates (e.g. “5-6” Bombay business). As a result, their businesses easily flourished thereby raising their standards of living.
Pursuant to Presidential Decree 175, our Cooperative registered with the Department of Local Government and Community Development. Thereafter, it was under the Bureau of Cooperative Development (BCOD) and under the Department of Agriculture. When the Cooperative Development Authority (CDA) was formed pursuant to RA 6938 under CRA NO. 173-1076, Our Lady of Grace- HNS Credit Cooperative was re-registered on January 22, 1991. In the Annual General Assembly of March 15, 2003, our Cooperative was renamed Our Lady of Grace Credit Cooperative (OLGCC).
OLGCC’s area of operations is Caloocan City providing productive and providential loans to businessmen, stall owners, market vendors (meat, fish, fruits & vegetable) dry goods & sari-sari store owners, private and government employees, teachers, pensioners, retirees, jeepney drivers, etc.
The success of OLGCC can be measured by the...