Yes, dear MCOs. Join the queue now and gobble up those shares Beneco is offering. The minimum subscription is P500.00 which this corner believes is reasonable enough to get going our conversion into a stock cooperative.
The P500 subscription will entitle you to five (5) shares. Just allow Beneco some time to issue the subscription contract and the share certificates. It’s still birth pains for our electric cooperative in so far as this conversion is concerned. But the management is on all fours to ensure that a system to accept, recognize and record your subscriptions will be in place so that your investment will be protected.
As of the end of September, 2021, we are now more than 138,000 MCOs, thanks to Edison, the good looking guy who is in charge of the Consumer Welfare Office that keeps tab of the statistics on accounts and registered MCOs. If all of us will subscribe at P500.00 each, this would mean we will have P69 million ready to be rolled out as capital for Beneco’s distribution and other legally allowed businesses.
Our Board of Directors (BOD) approved Resolution No. 2021-180 on Oct. 21, 2021 that declared an Authorized Capital Stock of P276 million equivalent to 2,760,000 shares at the par value of P100.00 per share. The Subscribed Capital Stock shall be P69 million or 690,000 shares which represent 25% of the Authorized Capital Stock. The Subscribed Capital Stock refers to Beneco’s initial offering. It is that part of the Authorized Capital Stock that we, the MCOs, have expressed intention to subscribe to. Of the Subscribed Capital Stock, 25% thereof must have already been paid. That means P17 million or 172,000 shares in Paid Up Capital. This rule on 25% is what RA 9520, the CDA law, requires.
That’s why we encourage all our MCOs to subscribe now. You can pay the P500 minimum share at the collections centers where you pay your bills:
Your subscription would mean a lot for Beneco. It would also give meaning to what an MCO is all about. You could be a member consumer (MC). But your subscription would make you a full blooded MCO, the letter “O” referring to you as Owner in view of your subscription.
The Cooperative Development Authority – Cordillera Administrative Region (CDA-CAR) is waiting with excitement Beneco’s completion of the documents that need to be submitted. Beneco’s becoming part of the CDA family is a big boost to cooperativism in the Cordillera. It also ended criticisms that Beneco has long styled itself as a cooperative yet it does not issue shares and give dividends to its MCOs.
For now, we ask you MCOs to subscribe first to the minimum share of P500.00. I know a lot of you can subscribe to more than five shares. But kindly wait for the announcement as to when you could subscribe to additional shares. Right now, Beneco will be happy to accept your subscription of five shares in the meantime.
Your subscription will band and bond us more closely. We will also become autonomous as an organization with the least government intervention. The perks of subscription will also come later.
So please subscribe now and hurry. As if you are subscribing on Netflix to watch Squid Game with gusto.