First Community Cooperative (FICCO)

Fr William F Masterson SJ Awardee
For contributions to social development

From its humble beginnings with only 17 pioneer members, initial deposits of P26.30, and a small office at Xavier University, FICCO, formerly Ateneo Created Union (ACCU) founded by Fr William Masterson, SJ on 8 July 1954, now has 406,606 members all over the Philippines and has P18.6 B total assets with 105 offices across the country.

Encouraged and inspired by Fr Masterson, Ateneo Created Union was the first credit union organized in Misamis Oriental and the entire Mindanao. From a small school credit union, it has grown to become a big community cooperative now serving not just Cagayan de Oro City but the whole country.

The mission of First Community Cooperative (FICCO) is committed to uplift the socio-economic condition of its members by providing excellent financial and non-financial services. With its existence in the last 69 years, FICCO has stayed grounded on its mandate to uplift and improve the quality of life of its members. Chief Executive Officer, Edgardo Micayabas, or Sir Egay, who has been with FICCO for 34 years now, attests to this. He started as a messenger while taking Bachelor of Commerce major in Accounting evening classes at Cagayan de Oro College, rose from the ranks throughout the years, and says he is witness to how FICCO has helped improve the lives of its members in the last six decades. “A typical example is a member driving a motorela, later owning a motorela, years after acquiring a passenger jeepney, able to own a lot and build a house, and [their] children became professionals because of the educational loan given by FICCO. So, in FICCO there are many success stories. If they will follow the values and live with the culture, success will not be impossible,” Sir Egay shared.

It was in 1970 when the first plan to construct a building was proposed just when the credit union marked its 8-hour full-time service. Over the years, it opened new branches and inaugurated several buildings, the latest of which, is their 7-story head office along Vamenta Boulevard which opened to the public even during the height of the pandemic.

Their efforts to create more opportunities, especially for social enterprise increased year after year with the belief that FICCO is a variable and beneficial product that will benefit the non-bankable people at the grassroots level.

As such, FICCO’s social development arm FICCO Community Outreach Foundation (FCOF) has implemented various projects since its inception in 2018 including risk management training, coop training, financial management training, Balik-Eskwela Outreach, Quarterly Outreach at Mother Theresa Home of Street Children, social enterprises like the Rice Trading and their scholarship grants to deserving children of their members.

In this rapidly evolving digital age, FICCO continues to provide its members with convenient and secure online banking and digitalization. It also hopes to attain its goal to maximize the utilization of the 1 Coop marketplace apps where members can help the farmers and fisherfolks by ordering fresh vegetables and fruits and having them delivered to their doorsteps by simply using their phones. The cooperative is also set to do aggressive efforts for its FICCO Coco Integrated plant facility, the bamboo venture, public utilities like water and electricity, and the plan to put up the first hospital cooperative. These businesses will not only bring numerous benefits to their members but also create economic opportunities, foster financial inclusion, and empower individuals to thrive. By embracing the cooperative model, FICCO can create businesses that will not only succeed financially but also contribute to a more equitable and sustainable society.

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In sincere recognition of its service to the mission to uplift the socio-economic life of the communities not only in Mindanao but of the entire country, Xavier University - Ateneo de Cagayan is pleased and deeply honored to confer to First Community Cooperative (FICCO), the Fr William Masterson, SJ Award of the 84th Commencement Exercises.