By Felix ‘Boy’ Espineda, Jr.
SORSOGON CITY (BicolToday.com/04-March-2013) – The confinement of Nydia Bercasio at the intensive care unit of a hospital here became a contentious issue among public school teachers and employees who sink in much of their hard earned retirement funds at the Sorsogon Public School Teachers and Employees Cooperative Inc., she being a chairman of the board of director and acting general manager tasked to sign checks and dispense the daily operation of the cooperative.
The cooperative is experiencing financial liquidity after the failure of the board to come-up with a rescue package to its numerous cooperator’s and investors most of whom have yet to receive the cash equivalent of their share of stocks and certificate of investments. The cooperative deliberately close its account with the Development Bank of the Philippines here. The bank certification of the closed account was shown to BicolToday.com.
The former chairman of the cooperative, Leon Freddie Gaon laments the manner wherein the funds of the cooperative was diluted. He said that it is his belief that the board policy is detrimental to the assets of the cooperative. He is urging the member cooperators to call for a general assembly. There must be a proper accounting of the coop funds, he said.
The coop by-laws expressly called for a five member board and a general manager all of good standing, the manager must be appointed by the board from among its members.
Gaon said that the present status of Bercasio possibly hooked to a life support system should be acted immediately by the remaining members of the board. He is calling for a sensible approach in electing a new board because of Bercasio’s incapacity and the dismal management performance of the present officers.
The medical case of Bercasio created a management vacuum in dispensing her duties and responsibilities and in order to implement financial remedies to the ailing cooperative. The same call was made for the appointment of a new general manager and proper screening of the coop treasurer was how the former coop chairman Leon Gaon urges his fellow coop members.
The cooperative is believed to be holding a financial portfolio of close to two hundred million pesos (P200,000,000.00) sourced from retirement fund of retired public school teachers, employees and investors and the relending program that it charges five percent interest. The coop funds disbursements are doubtful adding further woes to recover their investments. [BicolToday.com]
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