As a church mission, the commitment to serve and alleviate the people from their abject economic condition, spurred the late REV. FR. JAIME QUATANNENS, a Belgian Missionary of the CICM congregation assigned in Tubao as parish priest, to organize the credit union/cooperative. In his heart, he was determined to find an alternative lending facility other than those provided by unscrupulous moneylenders. On August 13, 1966, with 39 pioneer-members and a starting paid-up capitalization of Three hundred fourteen pesos (P 314.00), the Tubao Credit Union, Inc. as originally named was formally organized and registered with the Cooperative Administration Office (CAO) under RA 2023 and approved on October 26, 1966 under Registration No. 001503. It survived under the principle of self-reliance and sacrifice through God’s help.
First Office Pioneers
By 1975, on its 10th year of operation, the cooperative reached its first million mark with total assets of P 1.2 M. In 1991, on TCC’s Silver Jubilee year, total assets registered at P 37.90 M as of December 31.
As of December 31, 2008, the cooperative stands at P 509.12 M in total assets, making its P 314.00 starting capital 43 years ago, a pittance in comparison.