Question 1

What is Cooperative Bank of Quezon Province?

Accepted Answer

Cooperative Bank of Quezon Province (CBQP) is a cooperative bank serving Quezon Province in the Philippines. Operating under the Cooperative Code of the Philippines (R.A. 6938), CBQP functions as a financial intermediary designed to meet the banking needs of cooperatives and their members throughout the province.

The bank specializes in agricultural financing and rural development, serving as an accredited lending conduit for the Department of Agriculture (DA) and the Agricultural Credit Policy Council (ACPC). With over three decades of operations, CBQP has grown from its initial capital of P1.25 million to over half a billion pesos in assets, establishing itself as a key financial institution in the region.

Question 2

When was Cooperative Bank of Quezon Province founded?

Accepted Answer

Cooperative Bank of Quezon Province was founded in 1991. The bank received its Certificate of Authority from the Central Bank of the Philippines on November 18, 1991, per Monetary Board Resolution No. QC-Q12-FCB dated November 14, 1991.

The establishment of CBQP was the result of a vision shared by primary cooperatives in Quezon Province to create a bank that would address the financial needs of cooperatives and their members. The initiative was spearheaded by Dr. Severino Vergara, Area Manager of Land Bank of the Philippines for Region IV, with assistance from Mr. Lope Ibarrola, Executive Director of the Quezon Federation & Union of Cooperatives.

Twenty founding cooperative members came together to meet the minimum capital requirement of P1.25 million set by the Central Bank of the Philippines. The bank's initial operations were managed by four pioneer employees, led by Ms. Cecilia A. de Guzman.

Question 3

Where is Cooperative Bank of Quezon Province headquartered?

Accepted Answer

The head office of Cooperative Bank of Quezon Province is located at Granja corner Leon Guinto Street, Lucena City, Quezon Province, Philippines.

Lucena City serves as both the provincial capital of Quezon and the primary financial center for CBQP's operations. The head office houses the bank's main administrative and banking functions.

Question 4

Where does Cooperative Bank of Quezon Province operate?

Accepted Answer

CBQP operates exclusively within Quezon Province in the Philippines through a network of eight locations. The bank maintains its head office in Lucena City and operates seven branch offices across the province.

Branch locations include Gumaca, Lucban, Catanauan, Lucena (downtown branch), Agdangan, Tayabas, and Tagkawayan. This network enables CBQP to serve both urban centers and rural communities throughout Quezon Province.

The strategic placement of branches allows the bank to reach agricultural communities, small farmers, fisherfolk, and cooperatives across different municipalities in the province.

Question 5

What services does Cooperative Bank of Quezon Province offer?

Accepted Answer

CBQP provides a comprehensive range of banking services tailored to cooperatives, agricultural enterprises, and individual depositors. The bank's loan products include Agri-Production Loans, Salary and Personal Loans, Business Loans, Housing Loans, Car Loans, Easy Cash Loans, Back-to-Back Loans, Cooperative Loans, and Pension Loans.

Deposit services include Student Savings Accounts, Premium Savings Deposit Accounts, ATM Savings Accounts, Time Deposit Accounts, Regular Demand Accounts, and Demand Deposit with Automatic Transfer Accounts (ATA). The bank offers specialized products such as "Double Your Money" savings that guarantee returns over ten years.

CBQP administers government agricultural programs with highly favorable terms, including zero-percent interest loans for young agripreneurs (18-30 years old) up to P500,000, emergency assistance for calamity-affected farmers and fisherfolk, and low-interest agricultural development loans at 2% per annum. Digital banking services include ATM cards with access to balance inquiry, withdrawals, fund transfers, and bills payment functionality.

Question 6

What makes Cooperative Bank of Quezon Province unique?

Accepted Answer

CBQP's defining characteristic is its dual identity as both a cooperative and a bank, which shapes its mission to serve cooperative members rather than maximize profits. This cooperative structure allows the bank to offer more favorable terms to its member-cooperatives and their constituents.

The bank's role as an accredited lending conduit for Department of Agriculture programs enables it to provide specialized agricultural financing with exceptionally low interest rates, including 0% interest loans for young agricultural entrepreneurs and calamity-affected farmers. This positions CBQP as a critical financial institution for rural development in Quezon Province.

CBQP's founding cooperative members represent diverse communities across the province, from farmers' associations to government employee cooperatives. This broad-based ownership ensures the bank remains responsive to local needs and maintains strong ties to the communities it serves.

Question 7

What type of financial institution is Cooperative Bank of Quezon Province?

Accepted Answer

Cooperative Bank of Quezon Province is a cooperative bank, a distinct category of financial institution under Philippine law. Cooperative banks in the Philippines are organized and operated according to the Cooperative Code of the Philippines (Republic Act No. 6938) and are supervised by both the Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA).

Unlike commercial or rural banks, cooperative banks are owned by their member-cooperatives and operate primarily to serve the financial needs of cooperatives and their members. CBQP functions as a financial intermediary providing both retail and institutional banking services, with a specific mandate to strengthen its member-cooperatives and support rural development through accessible financial services.

The bank's registration number with the CDA is 9520-04004332, reflecting its status as a legitimate cooperative financial institution operating in Region 04-A (CALABARZON).

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About Cooperative Bank of Quezon Province in the Philippines