History of INHS Credit Cooperative

A vision of helping teachers to sustain financial needs might have been through the idea of the former
principal of Imus National High School, Mrs. Leonila T. Dino. It was happened by year 2004 when the Imus
Municipality Mayor Homer T. Saquilayan has a project named “Raffle for a Cause” wherein the amount of
the ticket sold will be given to the school as financial assistance. He says “ Kung may nanghihingi ng isda,
huwag mo lang siya basta bigyan ng isda, kundi turuan mo siyang mangisda.”

It was started with 51 members, 7 board members from its members with the total paid up capital of
Seventy Four Thousand (74, 000.00). The first Chairman of the Board is Mr. Mario E. Herrera with the
volunteer of Ms. Editha G. Navidad as the treasurer, Ms. Marilyn O. Anglo as the bookkeeper and Ms.
Neriza M. Villanueva as the secretary. With the help of the Imus Development Cooperative through the
leadership of Mr. Rodrigo Camia with Ms. Teresa E. Ordonez, members of the Cooperative was undergo
the Pre-Membership Education Seminar (PMS) as one of the requirement in establishing a cooperative.

While waiting for the approval of its registration, members continued investing and seeking for those who
want to join. By 2005, The Paid-Up capital increased more than 100% from its original. It cost Two Hundred
Twelve Thousand Three Hundred Twenty Five Pesos (212,325.00).

In November 17, 2005, the cooperative was registered as Imus National High School Credit Cooperative
under the Cooperative Development Authority (CDA) with registration number LGA – 6496, in compliance
with Republic Act #6938 and #6939 or Cooperative Code of the Philippines. Under these Republic Acts,
the Cooperative is exempt from payment of income tax and sales taxes, provided that a substantial
portion of its net surplus is returned to members in the form of interest and/or patronage refund.

Since it was formed as cooperative for the purpose of helping members in their financial needs, its
granting loan with the amount of Ten Thousand Pesos (10,000.00) has 1% interest per month payable for
ten (10) months and its member will be automatically deducted One hundred Pesos (100) as their savings
deposit upon filing their loan.

By year 2006, the cooperative started to construct its building near the gate as approved by the principal.
It was finished by 2007. The same year (2006), the school approved to be an Implementing unit, Ms.
Marilyn O. Anglo, the volunteer bookkeeper seek for her resignation due to the additional work as the
Disbursing Officer of the school. So Mrs. Aida C. Bellon, the Head Teacher of the Values Education
Department took place. At the same time the volunteered treasurer given an opportunity to migrate in
Canada so it was replaced by Mrs. Laniza G. Medina and Ms. Ma-an C. camposagrado appointed as
secretary as approved during the General Assembly.

The Cooperative complied with the requirements prescribed by the authority for the issuance of New
Certificate of Registration under Article 144 of RA 9520 otherwise known as the “Philippine Code of 2008”
with Reg. No. 9520-04012651 given March 22, 2010.

Year 2010, Mrs. Ma. Nita P. Mendoza, Head Teacher of Social Studies was elected as Chairman of the
board with 8 board members and other committees. Mr. Mario E. Herrera was appointed as treasurer in
replacement to Mrs. Laniza M. Medina who migrate to Canada.

On August 2, 2012, Certificate of Registration of Amendments No. CEO-CRA 000049 was issued as
evidence that the new Articles of Cooperation and/By-laws of the cooperative is duly registered with the
Cooperative Development Authority. The proposal amendments to the Articles of Cooperation and By-
laws adopted to its Regular General Assembly Meeting held on March 24, 2012, were submitted and
approved by the Cooperative Development Authority (CDA) after having complied with the requirements
under MC No. 2011-20 dated June 17, 2011. The name Imus National High School Credit Cooperative
became INHS Credit Cooperative. As per amendment Bylaws the Membership of the Cooperative shall
have a regular and associate member. An applicant of membership shall subscribe at least Fity (50) shares
and pay theh value of at least Ten (10) shares upon approval of the membership.
Yearly, number of member’s increases, by 2006 it has 71 members, 2007 has 88 members, 2008 has 91
members, 2009 has 95 members, 2010 has 109 members, 2011 has 118 members, 2012 has 123 members,
2013 has 133 members, 2014 has 144 members.

At present the cooperative has One Hundred Seventy One (171) members with a total paid-up capital of
Eight Hundred Twenty Three Thousand Nine Hundred Five Pesos and Forty Nine Centavos (823,905.49)
thru the management of Mr. Albert D. Roderos as the Chairman of the Board and Ms. Adelaida C.
Nazareno, the manager.

For the past ten years, the cooperative has successfully served and is serving its members. Cooperative is
improving on its operation with the support of the new principal Mr. Arturo P. Rosaroso Jr. and the City
of Imus Cooperative Development Office (CICDO) thru the leadership of Dr. Emmanuel M. Santiaguel with
the guidance of our Hon. City Mayor Emmanuel L. Maliksi.