Saint Francis Development Cooperative
Saint Francis Development Cooperative (SFDC) started out in 1993 as a “Paluwagan” or a pooling of savings scheme among 12 coconut farmers who were also working at the Saint Francis Center, a non-government organization in Baler, Aurora. Each of the 12 would contribute an equal amount to the savings pool and would take turn receiving a lump sum from the accumulated collection for a given period. Other coconut farmers soon started joining the scheme. and eventually, as their number grew, they decided to formalize their group into a cooperative. ​
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In 1997, with an initial capitalization of P24,000 and a membership base of 12, the group received their Certificate of Registration from the Cooperative Development Authority (CDA). The newly formed SFDC focused on lending to its members, and not long afterward, it attracted even more members from the nearby towns. ​
In 2005, SFDC applied for accreditation with Cocofinance as a conduit for its Micro-Enterprise Program and was granted a Php 1.0 million credit line. Bolstered by the fresh financing, the cooperative grew exponentially.
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SFDC has expanded its business to trading, diversified its product offerings to include deposit and insurance services, and increased its membership base 589 regular members and 309 associate members. From a small, rented office space, it now operates out of a one-story building that it owns. As of the end of 2023, the cooperative’s capital base has reached Php 34.47 million.
All told, from 2005 and 2020, CocoFinance released Php 84.41 million to SFDC for on-lending which has benefitted 380 of the cooperative’s members.
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True to its original intent to come to members aid in their times of need, SFDC conducts relief operation when calamities strike, sponsors community projects, grants scholarships, and implements a special KASAMAKA financial assistance program.