Member-consumers of the Benguet Electric Cooperative have so far raised P13 million worth of capital shares, the payment of which is in compliance with the requirement for the electric distribution utility to become a full-fledged stock cooperative.
The amount was collected from 19,000 member-consumers who paid their share capital contribution from Oct. 13, 2021 to Feb. 22.
To comply with the requirements of the Cooperative Development Authority, Beneco must raise P69M in paid up capital or share capital, which is 25 percent of the utility’s P276M subscribed capital stock.
A member-consumer must pay P500 as their share capital, the minimum contribution provided for under Beneco’s Articles of Cooperation and By-Laws, which were approved by the CDA.
Beneco started distributing on Feb. 24 the certificates of share capital to member-consumers who settled their contribution from Oct. 13 to Dec. 31, 2021.
Those who secured copies of their certificate shared the same reason for paying their share capital: to invest in Beneco and help it become a full-fledged stock cooperative.
Aware that the benefits she would gain from paying her share capital is not immediate, member-consumer Arlene Rose Labutan from Tuba, Benguet said she intends to add to the P500 minimum share she initially paid.
Sixty-year-old Amado Matis said his payment of the share capital contribution is also his way of showing his support to Beneco’s causes.
A Beneco employee who resigned from the distribution utility in 1998, Matis said he remains loyal to the electric cooperative.
Despite her apprehension brought about by the leadership crisis besetting Beneco, Gloria Raddatz said she still paid her share capital contribution to support the utility and its member-consumers.
While she said she is not actively involved in the information, education, and communication campaigns initiated by member-consumers, Raddatz said she has been following the developments about Beneco on social media.
Raddatz said she wants to add to the initial share capital contribution she paid, but expressed her apprehension over the “withdrawal of Beneco’s money from the banks.”
“I want to add my capital share contribution, but the withdrawal of Beneco’s money from the bank makes me apprehensive and the issue on who is the legitimate Beneco makes me a bit apprehensive,” she said.
CDA-Cordillera Director Marieta Hwang said in a press forum last week said Beneco’s collection of share capital contribution is valid as Beneco is a legitimate coop, having registered with the CDA on Nov. 11, 2020.
Institutional Services Department Manager Delmar Cariño said the collection of share capital is ongoing and encouraged member-consumers who still have not settled their contributions to do so.
The share capital contribution may be paid on staggered basis. – Jane B. Cadalig
April 24, 2024
