After a constructive partnership with ATIKHA to develop and implement a family based pre departure orientation seminar for seafarers, Hartmann Crew Philippines or HCP (formerly known as Associated Ship Management - ASM) turned its attention to addressing the financial needs of the seafarer. For the longest time seafarers had often turned to lending investors and informal lenders for their emergency financial needs. It was a service that met immediate needs but did nothing by way of financially educating the seafarer or providing him financial discipline.
Again HCP turned to another NGO for assistance to develop a cooperative for seafarers that will not only address their financial emergencies but also provide a vehicle for savings, income and financial discipline. In 2004, HCP started discussions with Resource Catalyst to create the cooperative that eventually be known as Maritime Multipurpose Cooperative or MMPC.
On 2005, MMPC was formally registered with the Cooperative Development Authority of the Philippines and commence lending operations with a capitalization of Php24,000,000.00. With such a modest investment by the charter cooperators (mainly HCP officers and employees) it was essential to seek other innovative ways to expand the funds available which include a cooperation with Asiatrust extend lending facilities to borrowers with big requirements. The system allowed MMPC to cover a greater client base divided to modest level borrowers, which represented majority of the clients and served by MMPC, and the few big borrowers referred to Asiatrust wherein MMPC received referral fee as income.
By 2007 MMPC was confident enough of its lending business and began sourcing low cost funds for relending to its member. With guarantees from HCP, MMPC secured these funds from PNB in the amount of Php5,000,000.00. The relending system slowly allowed MMPC to increase its lending of big loans and reduce referrals to Asiatrust that by 2008 MMPC was serving all loans thru its own funds or by credit line from PNB.
Today MMPC is self-sufficient relying mainly on its own funds for lending and uses its loan appropriation for leverage advantage rather than mainstream lending. From an initial pool of 212 members most of whom were HCP officers and employees this has ballooned to 2,335 members majority of whom are seafarers and their family. MMPC has finally provided our seafarers a better option to secure their emergency financing; an option which provides lower interest than the market and refunds thru the patronage refund system. In addition, as members, they also share in the profits of the Cooperative.
The cooperative continues to look at services it can provide the seafarer and his family other than lending. For the moment it funds seminars for financial literacy and sponsors talks on investment opportunities in real-estate and housing. It has also been actively involved with HCP in jointly sponsoring seminars related to preservation of the family and parenting.
Cooperative Profile
Mission | Vision
Mission Statement
We aim to be a model cooperative in uplifting the socio-economic well-being of its members and the community by:
1.) Providing access to safe and profitable financial services.
2.) Educating and improving the financial literacy, values on self-reliance.
3.) Engaging business that would complement the needs of the members.
Vision Statement
Maritime Multipurpose Cooperative is a dynamic, growth-oriented cooperative, responsive to the upliftment of socio-economic well-being of its members and community.
Goals and Core Values
Mission Goal
To ensure the viability and sustainability of continuous growth for Maritime Multi Purpose Cooperative.
Core Values
M-oral Integrity
A-dvocates of financial well-being
R-esponsive to members needs
I-nnovative in the delivery of services
N-ation building thru a sustainable cooperative
E-ntrepreneurial Spirit