1. Fixed Deposits / Capital Share – A fixed investment in the coop with a minimum requirement of 10 shares or an equivalent of Php500.00 upon membership. It earns dividend every year.
2. Member Support Fund / Savings Deposits – Refers to deposits which can be withdrawn any time but with a minimum daily balance of Php250.00. Earns an interest of 3% per annum posted quarterly when deposits reached to Php1000.00 or more.
3. Members Investment Fund / Time Deposits – Refers to deposits that are withdrawable upon maturity of not less than one month. The following are the rate of deposits:
Amount Interest Rate
Php 2, 500.00 – 199,999.99 5%
200,000.00 – 499,999.99 6%
500,000.00 – 999,999.99 7%
1 million and up 9%
B. LENDING / LOANS
Gets the biggest pie of the financial revenue of Bugasong MPC. Diversified loans are granted to qualified borrower to meet their social, economic and investment needs. Capacity-based principle is strictly observed in granting loans. The 5Cs of the applicants:
- Character
- Capacity to Pay
- Capital (CS/FD)
- Collateral / Security
- Condition (loan period/mode of payment/interest rate/security-insurance/collateral)
TYPE OF LOANS
- REGULAR LOAN
b. Instant Loan – Secured by 100% of share capital at 1% monthly rate and released by express lane.
c. Micro-Enterprise Loan – Granted to regular members with no loan balance except special loan. Applicants must show proof that they are personally engaged in micro-enterprise like sari-sari store, bakeshop, tailoring, buy & sell, etc. Loan term must not exceed 24 months and maybe paid weekly semi-monthly, or monthly. Service fee is 1.5% with monthly rate of 2%.
d. Business Loan – Granted to regular members who are engage in business to generate additional earnings. Loan amortizations be paid out on business profit.
2. SPECIAL LOAN – Extended to regular members in Good Standing for emergency purposes. Loan ceiling is up to 100% of capital share after one (1) year of being a regular member and a loan term of not more than four (4) months.
3. AGRICULTURAL LOAN – Granted to qualified member intended to finance agricultural related production projects with a production cycle not to exceed one (1) year to be paid in lump sum or amortized monthly.
4. SALARY LOAN – Extended to permanent salaried employee whose employer signed a MOA with the COOP for automatic salary deduction particularly a solidarity group of at least 5 members. Individual applicants are granted with ATM security for automatic deduction by the COOP. Interest rate is 1% monthly straight.
5. HONORARIUM LOAN – Extended to members who are barangay official regularly receiving monthly honoraria and certified by Barangay Captain and LGOO of the Municipality. Loan amount is determined by the CRECOM/LOAN Officer.
6. BONUS LOAN – Granted to regular government and private employees. Loan note must be signed by the Head of Office / Disbursing Officer with SPA to hold check / cash from the Disbursing Officer. Loan must be covered by insurance for security.
7. JEWELRY/CELLPHONE LOAN – Special loan window for short-term (1 year) loan using jewelry, cellphone, and other belongings as collateral.
C. INCENTIVES
EDUCATIONAL INCENTIVES
This program is designed to extend financial assistance to legitimate son and daughters of MIGS parents with membership tenure of not less than one (1) year. It is intended to inspire student – recipients to strive for academic excellence and promote a drug – free, and alcohol-free community.
- The program is open to 1st yr. to 5th yr. students of NBNHS, NBNHS Annex, SBNHS, AVS, and SJA. Recipients must have a grade rating not below 80% in any subject from 1st to 4th grading and without failing grades in any subject.
- Student-grantees must provide a certification issued by the school principal showing that he/she is of good moral character, non-drug user, non-smoker, and non-alcohol user.
- At the end of the 4th grading period the top three (3) grantees of AVS and the top two (2) for the rest of the schools will be awarded during the closing program of their schools to be given by the Coop Manager and/or representative of the Board.
SCHOLARSHIP GRANT (CSEFA)
College Students Educational Financial Assistance (CSEFA) is designed to enable students of MIGS members to attain a college degree whose parents are financially incapable. The degree program is a Coop Investment on the Intellectual Development of the less privileged students on their desire to attain the quality of life that education can provide relevant to the primary goals of the Coop.
- CSEFA is open to High School graduates who fall on the Top 10 of the Graduating Class and who have no grades below 80% in any subject during the time of graduation within the Municipality of Bugasong.
- Applicants are required to submit Form 137, Police Clearance, Tax Declaration of Real Property, Certificate as to Non-filing of Income Tax Return, and Certification by the School Principal that the applicant fall on the top 10 of the graduating class.
- A financial package of P15, 000.00 per semester or P30, 000.00 per year will be provided to each student at the end of the semester.
- At the end of every semester each student – recipient must pass a Report on Ratings duly signed by the School Registrar as one of the basis for the release and the continuation or termination of the financial assistance. Students with a grade below 80% at the end of every semester will be placed on a probationary status until their grades have improved.
- Coop Scholars will be hired on student labor every summer or Christmas vacation on honorarium basis. After finishing a degree, graduates will be given first priority for hiring by the Coop.
D. OTHER SERVICES
- DAMAYAN – Mutual death aid in the amount of Php20, 000.00 extended to the beneficiaries of the deceased DAMAYAN members.
- CISP-BPP – Yearly renewable life insurance extended to coop members who are 18-65 years old with a premium of Php55.35 and a benefit of Php5, 000.00 for every death.
- CLIMBS – Life and non-life insurance for interested members renewable every year.
- CABLE TV / INTERNET – Can be availed upon payment of installation fee and security deposit as well as membership fee for those who are not members of the regular window.
- FONUS – An inexpensive yet quality service extended to the bereaved family of every member or non-members who would like to avail such service. Its uniqueness to other funeral parlour is that, it does serve its clientele with a heart.
- POS MACHINE (ATM WITHDRAWALS) – Extended by the coop to serve its members who have atm. Amount charged for every withdrawal or swipe is Php20.00 with a maximum amount of Php20,000.00
- SEAOIL – Seaoil Services at a discounted price plus dividend and patronage refund for members.
- COOPNET – Provides other payment services like money transfer (Coopadala) through GCash Remit, COOPLOAD (Loading Station), PAL Ticket Booking/Reservations, and Processing of Government Certificates like NSO Birth Certificate, Marriage Contract, and etc.
E. MEMBERSHIP
MEBERSHIP REQUIREMENTS
- REGULAR MEMBER
- Filipino Citizen, 18 years and above, with the capacity to contract
- Attended PMES (regular schedule is every 1st and 3rd Sunday of the Month – Main Office at 1:00 p.m. San Jose and Tigbuaun Satellite Office every 4th Saturday of the Month at 9:00 .am.)
- Fees: Php100.00 - Membership Fee
Php250.00 - Minimum Initial Savings Deposits
Php200.00 - Damayan
Php 20.00 - Documentation Fee
______________________________________
Php1, 070.00 - TOTAL
- Duly accomplished membership application form
- ASSOCIATE MEMBER
- Open to associations, institutions, minors with parental or guardian consent
- Accomplished application to open SAVINGS or TIME DEPOSIT account
- Membership Fee of Php100.00
- For Cable TV Subscribers:
MIGS (Member in Good Standing) REQUIREMENTS:
- Regular member for at least 1 year
- Posted Capital Share of at least Php20.00/month or lump sum of Php240.00/year
- Maintained savings deposits of at least Php1,000.00
- Attended General Assembly or Ownership meeting
- Has not incurred a default of 3 consecutive amortization
- Patronize the business/services of the coop
- Complied with the duties/obligation of membership
- Updated Damayan
MEMBERSHIP CATEGORIES:
- DIAMOND
- Minimum of 5 years as regular member
- Minimum of Php150,000.00 total investment (Php75,000.00 capital share and Php10,000.00 savings deposits)
- No default on loans for the last 5 years
- At least Php100.00 monthly deposits on capital share
- Qualified to loan up to Php200,000.00 without co-maker/collateral if covered by insurance or 100% of total investment
- Approval and release of loan at management level
- Free Damayan
- GOLD
- Minimum of 4 years as regular member
- Minimum of Php100,000.00 total investment (Php50,000.00 capital share and Php5,000.00 savings deposits)
- No default on loans for the last 4 years
- Php50.00 monthly deposit on capital share
- Damayan member
- Patronize coop business for the last 4 years
- Qualified to loan up to Php200,000.00 without co-maker/collateral if covered by insurance
- Approval and release of loan at management level
- SILVER
- Minimum of 3 years as regular member
- Minimum of Php50,000.00 total coop investment (Php25,000.00 capital share and Php3,000.00 saving deposits)
- Deposit regularly on capital share of at least Php30.00 monthly
- Not defaulted for the preceding year
- With co-maker 50% of the loan over capital share
- Release loan via express lane at management level
- Damayan member
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