FICOBank Wins the First Ginintuang Gawad PITAK

for Coop Rural Bank

The Land Bank of the Philippines, on its 46th anniversary, went across the country in search of its most outstanding partners in countryside development from among the finest primary cooperatives, cooperative rural banks, and small and medium enterprises (SMEs). The Gawad sa Pinakatanging Kooperatiba, or Gawad PITAK, is a much-coveted honor bestowed to cooperatives and cooperative rural banks, which played and continue to play a fundamental role in the growth and economic development of their members and respective communities.

After three months of rigid screening and selection, LANDBANK finally honored the outstanding cooperatives, cooperative rural banks, and small and medium enterprises of the country in its annual Gawad PITAK and Gawad Entrepreneur, respectively, in ceremonies held on August 7, 2009 at the Don Ceasario San Diego Gym in Plaridel, Bulacan. Her Excellency President Gloria Macapagal-Arroyo led the conferment of awards with Finance Secretary and LANDBANK Chairman Gary Teves, LANDBANK President and CEO Gilda E. Pico and other dignitaries. The awarding ceremony is historic, as it was preceded by the signing of Republic Act 9700, or the CARP Extension with Reforms Law (CARPER).

From among the Hall of Famers of LANDBANK’s Gawad PITAK, CRB category, a shortlist of contenders—First Isabela Cooperative Bank (FICOBank), Cooperative Bank of Misamis Oriental and Bukidnon Cooperative Bank—vied for the Ginintuang Gawad PITAK. FICOBank is so lucky that it was chosen as the first winner of the Ginintuang Gawad PITAK under the Cooperative Rural Bank category and a recipient of a P500,000.00 worth of fixed assets.

As FIRST is prefixed in its corporate name, it is imperative that FICOBank should uphold its mark of being FIRST. For the years (2006-2008) in review, the Bank exerted maximum efforts to excel in terms of: (1) organizational management and business operations; (2) assistance to small farmers and fisherfolk; (3) creating impact to members, community and other cooperative banks; (4) organizational, operational and financial sustainability; and (5) partnership with LANDBANK. The first-rate banking operations, financial performances and civic activities of FICOBank were all clear and fine in the eyes of the Gawad PITAK’s validating team and board of judges; thus, getting their thumbs up.

In reaching the zenith of the prestigious Gawad PITAK, the confidence of the diverse stakeholders of FICOBank will definitely be enhanced, as the same is a tag of its remarkable growth, high-quality performance, outstanding contributions to countryside development and adherence to international banking standards. It is expected that this Ginintuang Gawad PITAK will boost the image of FICOBank as a preferred bank.