Bulletin Details
VISION
The Cooperative is dedicated to provide reliable investment facilities, business opportunities and services beneficial to its stakeholders.
MISSION
R – reliable officers and staff.
O – outstanding investment philosophy;
B – best financial management;
U – unquestionable integrity;
S – superior service to its members & employees; and
T – time tested practices
SERVICES
Share Capital
Savings Deposits
Any member, in addition to his share capital investment, may open a savings deposit, the rate of interest of which shall be determined by the Board at the beginning of each fiscal year, in no case to exceed the rate prescribed by the Bangko Sentral ng Pilipinas. Savings deposits not falling below P100.00 during any calendar month shall be entitled to interest at 2% per annum to be computed monthly based on the lowest monthly balance outstanding during the period. The interest shall be credited to the depositor’s account and the same shall earn interest from the date it is credited, at the same rate as savings deposits.
Time Deposits
Cash Loan
Purpose
Extend to eligible members to help them for their cash needs.
Eligibility
Must be a regular member Net take home pay should be more than P1K after ..
Share Cap of up to 25K x 3 plus 1:1 in excess thereof.
Ex.
1. Share Cap = P30K, maximum loan able amt is P80 or (25K x 3) + (30K-25K) =P75K plus 5K = P80K.
2.Share Cap = P15K, maximum loan able amount is P45K
Loan able Amount
Maximum of 2 years or 48 paydays..
Terms
1% per month, deducted in advance
Interest
1% per month add-on.
Service Fee
P100 for 75k and below plus0.5% in excess thereof
Other Requirements
4 co-makers.
However, if the total loans of the borrower with coop is less than her/his total share capital does not require co-makers.
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Multipurpose Loan
Purpose
The multipurpose loan is extended to eligible members to help them for their cash needs on top of Cash loan.
Eligibility
. Less than 10yrs Max loanable is 50K, can avail both CL and MPL as long as the member has the capacity to pay
· 10years and above Max loanable amount is 150K. Can avail both MPL and CL as long as member has the capacity to pay
· Must be a regular cooperative member for at least one year.
· Required minimum share capital P30,000.00.
· Net take home pay should be more than P1K after deducting the amortization for the loan applied.
Loan able Amount
150,000.00 (included the Share Capital)
Terms of Payment
Maximum of 3 years or 72 paydays.
Interest Rate
Add on 1.5 % per month
Service Fee
P1, 000
Renewable
6 months
Requirements
· Loan application shall have the signature of FIVE (5) co-makers in good standing as cooperative member.
· However, no co-maker is required if the total loan amount of the borrower is less than or equivalent to his / her share capital.
· Loan application is subject to the approval of the “Credit Committee”.
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Greenlife Loan
Purpose
Extend to eligible members to help them for the following: · Debt Relief or Debt consolidation · Additional capital for Micro Buss. · Housing loan · Car loan · House Improvement · Medical Support
Eligibility
• Less than 10 years with 30k Fixed Deposit – Can avail 150k GLP, no other loans
• Less than 10 years with 50k Fixed Deposit – Can avail 150k Green life and cash loan only or P300k green Life no other loans ( loan Consolidation)
• More than 10 years Fixed Deposit 50K can avail P300k plus other loans.
• More than 10 years with 30K FD can avail GLP of 150K plus other loans
• LP 150K +other loans • 20 years and above with 50k can avail up to P500k and all other loans as long as the member has the capacity to pay.
• 20 years and above with 30k Fixed Deposit can avail up to 300k and all other loans as long as the member has the capacity to pay
Terms
Maximum of 3 years or 72 paydays.
Interest
0.85% per month, add on
Service Fee
P1000
Requirements
6 Co-makers However, if the total loans of the borrower with Coop is less than her/his total share capital does not require Co-maker.
Penalty
With 5% penalty per month in case of default of scheduled amortization.
Renewable
6 months.
Rebates
Rebates is based on the remaining principal and remaining terms
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Education Loan
Purpose
Extend to eligible members to help them for the education of their immediate dependents. Thus, the check must be directly payable to school where the dependents will enroll.
Eligibility
• Must be a regular member
• With Share Capital of at least P30K
• Net take home pay should be more than P1.0 after deducting the amortization for the loan applied.
Loan able Amount
Maximum of 80K
Terms
Maximum of 1 year or 24 paydays.
Interest
1% per month, add-on
Service Fee
P100
Requirements
School Assessment form 4 co-makers. However, if the total loans of the borrower with coop is less than her/his total share capital does not require co-makers.
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Appliance Loan
Purpose
Extend to eligible members to help them for such needs on top of Cash loan.
Eligibility
Must be a regular member Net take home pay should be more than P1.5K after deducting the amortization for the loan applied.
Loan able Amount
4X the Share Capital or a Maximum of P100K whichever is lower.
Terms
Maximum of 2 years or 48 paydays
Interest
1% per month on List Cash Price. (LCP = Cash price + 10%)
Rebates
No rebates if paid earlier than the term.
Service Fee
P50 for 1 yr or less, P100 for more than 1 yr.
Requirements
4 co-makers
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Trade Loan
Purpose
Extend to eligible members to help them for such needs on top of Cash loan.
Eligibility
Must be a regular member Net take home pay should be more than P1.0K after deducting the amortization for the loan applied.
Loan able Amount
Maximum of 10K.
Terms
Maximum of 5 months or 10 paydays.
Interest
1% per month add-on.
Rebates
No rebates if paid earlier than the term.
Service Fee
No service fee
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Petty Cash Loan
Purpose
Extend to eligible members for their immediate cash needs.
Eligibility
Must be a regular member Net take home pay should not be less than P1.0K after deducting the amortization for the loan applied.
Loan able Amount
Maximum of P10K.
Terms
3 months or 6 paydays
Interest
1% per month, add on No rebates if paid earlier than the term.
Cut off time
11:00AM
Releasing Time
Will credit directly to their account.
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Groceries
Purpose
To help members for their grocery needs. Easy purchase either cash or terms
Eligibility
Must be a coop member
Net take home pay should not be less than P1.5K if purchase through terms.
Loan able Amount
Maximum of P10K, accumulated.
Terms
3 months or 6 paydays
Interest
1% per month, add on
Rebates
No rebates if paid earlier than the term.
Other Requirements
Maintained only those fast moving items.
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Optical Loan
Purpose
Extend to eligible members to help them for such needs on top of Cash loan.
Eligibility
Must be a regular member Net take home pay shouldbe more than P1.5K after deducting the amortization for the loan applied.
Loan able Amount
Maximum of 10K.
Terms
Maximum of 5 months or 10 paydays.
Interest
1% per month add-on.
Rebates
No rebates if paid earlier than the term.
Service Fee
No service fee
Schedule of Release
| Application Received | Release Date |
|---|---|
| 1 to 14 of the months | on or before 17 |
| 15th to 30th / or 31st | on or before 3rd of the succeeding month |
Frequently Asked Questions (FAQ)
RBA findings are specific for loan deductions only. This is different from savings deductions; thus, we are allowed to continue with savings/share capital deduction. Savings/share capital deductions are aligned to members willingness to save or deposit.
The purpose is to maintain our Coop business continuity while we have limited loan release. We cannot have too much unused cash as this will affect our dividend. We only allowed capital build for members with loan to minimize loan exposure risks. This will be on temporary basis until we fix the ADA Requirements.
- No Loans, No Additional Capital Build-up and No Additional TD
- Total loans is less than Share Cap + TD, No deduction for SC and TD
- Total loans is more than Total Share Capital + TD, with continuous SC and TD deductions
Suspending loans payment will result in a significant impact on the Cash Flow and Dividends. This was indeed exercised during the Pandemic. At that time, the impact may not look as a big negative delta since the loan release was not restricted as it is today. It means, after the payment holiday, there is higher collection of loans payment that enables quick stabilization than it would be for the new system.
This will not be allowed in the meantime for the same reason that we cannot have too much unused cash given the new system that forces a temporary restriction of the loan process. Furthermore, will eventually affect the Dividends payout. Same reasoning why the ruling for max of 2K per payday deduction was implemented.
We have a limited number of Coop employees, that is why we have come up with the option of doing online transactions through bank transfer. Members can email proof of payments to the Coop representatives for validation and issuance of official receipts. Coop can send the ORs to OG Alabang.
Two business days upon issuance of official receipt.
Yes, per rules related to loan availment, there are certain penalties on missed payments.