Lobregat thanks BSP for approving Bangco Cooperativa de Zamboanga PDF Print E-mail
Saturday, 01 October 2011 16:29

Mayor Celso Lobregat has expressed gratitude to Bangko Sentral Governor Amando Tetangco Jr. and the Monetary Board for approving the establishment of a cooperative bank in Zamboanga that will benefit thousands of coop members here.

The grateful mayor personally thanked Gov. Tetangco during the latter’s visit to Zamboanga City recently to grace the inauguration of the BSP-Zamboanga building in Pettit Barracks.

“I would like to thank Gov. Tetangco and the Monetary Board for finally approving the (establishment) of the Bangco Cooperativa de Zamboanga”, the mayor said as he relayed to the BSP official the good tidings that the approval would bring to the different multi-purpose cooperatives in the city.

It was on November 25, 2010 when the Bangko Sentral ng Pilipinas formally approved the proposal of the 15 multi-purpose cooperatives in the city to establish a bank devoted to serve the banking needs of the cooperative sector in Zamboanga. The approval came over 15 years after the cooperatives applied for the same.

With the support of the local government starting from the time of the late Mayor Maria Clara Lobregat up to the present administration of Mayor Celso Lobregat and District 1 Representative Beng Climaco, the Banco Cooperativa de Zamboanga is now under construction at the city-owned lot inside the Sta. Cruz market at Veterans Avenue.

The groundbreaking ceremony for the project, held early August came after the city government, through Mayor Lobregat, forged a usufruct agreement allowing the
Cooperative Bank to use the city-owned 200 meters lot inside the Sta. Cruz market complex for a period of 25 years and renewable for another 25 years.

The cooperative bank will be a one floor building with an area of 116 square meters costing P2.2million. It is expected to complete in 75 working days.
“This is a realization of our dream. It was in 1999 when we started pushing for the establishment of this bank”, the mayor has always said.

Meanwhile, Gov. Tetangco said the Bangko Sentral ng Pilipinas is jointly undertaking a program with the PDIC and the Land Bank of the Philippines intended to help cooperative banks all over the country.

“Cooperative banks that are in need of additional equity or capital can be assisted under the program”, the governor declared. — Sheila Covarrubias