Grooming financially secured future leaders

Jeanevive Duron-Abangan

              I never thought that even children from ordinary families can become part of a millionaires group, until I recently attended the first general assembly of Tagum Cooperative Youth Laboratory Cooperative.

                I was expecting to see 15 to 24 years of age individuals. I was surprised. The sight of little children as young as five to below 18 years of age, met my eyes as I approached the assembly hall.  They were lining up for registration. They showed their passbook, got a registration coupon, then picked a little sling bag as token from Tagum Cooperative (TC).

                About 1,200 children, most of whom were with their mothers, came to join the activity which infected the mature guests with a child-like feeling. Everyone, even guests from national and local government offices and from the House of Congress, showed their wacky pose upon the egging on of Norma Pereyras, chairperson of the Board of Advisers of  TC  Youth Laboratory Cooperative.

                Groups of young savers

                The assembly participants were given their heyday on November 05 as young members of Tagum Cooperative.  After all, their sector has generated P25,586,951.10 savings deposits which is 3.69 percent of the P693,629,081 total savings deposits of Tagum Cooperative.

                The young savers  whose ages range from zero to below 18 years old belong to  the Youth Savers,  Power Teen,  Aflatoun   and  the Tagum Coop Youth Laboratory.   The young savers groups are fast-becoming a force to reckon with, especially in terms of savings. Their membership which totals  18,534 makes up 29 percent of the 63,837 total members of Tagum Cooperative.

                Started in early year 2000, the Power Teens and the Youth Savers draw the  biggest volume of savings of P25 million.  But Tagum Cooperative OIC General Manager Brendo Bayocot  foresees more savings to be drawn from elementary and secondary students as TC has adopted Aflatoun in cooperation with the Department of Education (DepEd) Tagum City Schools Division.

                Aflatoun is a “concept to  teach children about social values, and rights and responsibilities coupled with basic financial education.” Tested in India 18 years ago, the Aflatoun concept is also aimed at facilitating the “inclusion of Child Social and Financial Education into formal and informal education systems as a recognition of child’s rights.”

                DepEd Tagum City Schools Supt. Nenita Lumaad who also chairs the Board of Directors of Tagum Cooperative calls such Aflatoun implementation in Tagum City as Financial Literacy for the Youth (FLY). With TC as its major partner, DepEd Tagum is pilot-testing it in  seven  Tagum City public elementary schools particularly in  Rizal,  Mankilam,  Pilot, La Filipina, Laureta, Apokon and Catalan.

                Aflatoun currently draws 2,167 savers from the pilot schools.  Its membership is expected to grow fast as TC plans to spread Aflatoun coverage next year, requiring each branch to adopt one to three schools in its location.

                Bayocot reveals that rolling out Aflatoun in  schools is sort of just a social responsibility undertaking of Tagum Cooperative.  TC has already spent about P300,000 in implementing Aflatoun since June this year,  TC Youth Program Officer Clyjenee  Dairo said.   TC shoulders the production teachers’ manuals of FLY applying  the Aflatoun concept,   and the printing of passbooks and deposit slips. 

Social benefits

Lumaad admits that Aflatoun is costly to implement. But she is looking at building a community of savers more than just raking in immediate return-of-investment.  She remains optimistic  that TC still can reap real gains, in the long run, not just in terms of money but social capital. 

                “They will also become very good savers and good payers because of the training that we have given them” she said.

                As an educator Lumaad puts in a lot of value to the essence learning that Aflatoun brings.  The simple filling out of a deposit slip reinforces reading and mathematical skills aside from the financial planning and budgeting lessons instilled among students and pupils in schools where Aflatoun is being implemented.

                Lumaad is encouraging parents to reflect on the saving enthusiasm of  the young savers.  She is hoping that the Financial Literacy Program for the Youth  would be adopted not just by the school but by the community. 

             “Once the community owns the program it will continue” she said.  “If  ang  mga bata maka save, how much more the parents?,” she poses the challenge for parents to live by the practice of saving.

              Aside from molding savers, TC is  also grooming cooperative leaders  through its Youth Laboratory Cooperatives  established in Tagum City National High School and in Imelda Elementary School (also in Tagum City).  The youth laboratory cooperatives are a miniature organizations  of Tagum Cooperative. They have their own board of directors and committees.

Future coop leaders

Pereyras pictures the youth laboratory cooperatives as a training grounds for young members to become future cooperative leaders. 

            “We want them to know how to manage a cooperative while also teaching them right values and showing them right lifestyle.”

            In most of her speaking engagements Pereyras often speaks a mantra saying “live below your means” . TC is also advocating such principle among members of the Youth Laboratory Cooperative. “They should also know how to do financial planning and budgeting, though they’re still young,”  she said.

            As Youth Laboratory Cooperative officers and members encourage savings  among their fellows, they are also expected to “walk their talk”, and to show in  their way of life and in their dealings with people the value they’ve learned  from Tagum Cooperative.

          “Leaders should save not just money but also values and principles in life because as leaders, you cannot give what don’t have,”  Pereyras said.

           Members of  the Board of Directors of Tagum Cooperative are united behind the programs for the youth.  They are putting at stake substantial investment, based on well calculated risk principle, for  the  welfare  of  the young members of Tagum Cooperative. 

         Tagum Cooperative has made a significant dent in making a difference on the lives of people in its community.  As of October, 2011, it  posted P1.39 billion net asset  and a net surplus of P88. 7 million.

         As it continues to seek improvement in the lives of its members,  it now  flies as the “wind beneath the wings” of young people.  It wants to become part of their journey towards becoming future leaders who are financially secured, who lives in a right way  with right values in life. (PIA 11/jean duron-abangan)