INTRODUCTION
• To encourage thrift savings mobilization among members
• To generate funds and extend credit to the members for the productive and provident purposes
It is the privilege of a member to obtain loan of money to purchase goods or services. All qualified members are treated equally, and all are able to borrow money at justifiable interest rates. Members can benefit socially and economically from the loans extended. It provides members a convenient and a reasonable source of credit without the mountain of requirements. Lending also provides the feeling of belongingness to the cooperative.
Who may open accounts:
• REGULAR MEMBER – a member in good standing with coop.
• ASSOCIATE MEMBER – any person accepted as associate member and in good moral character and no derogatory record in court.
MISSION
To improve the lives of our members through excellent and affordable financial
VISION
To be a leading financial cooperative in Palawan that contributing to the sustainable development of our members.
TYPES OF DEPOSITS
• Savings – the money deposited by members that can be withdrawn anytime and which normally earns an interest rate lower than that of a time deposit.
• Time – money deposited by members for a definite period of time as specified in the Certificate of Time Deposit (CTD).
• Savings – 2% per annum. Interest will be computed on the average daily balances (ADB) required, at interest rates approved by the BOD from time to time, and be credited to the depositor’s passbook at the end of every quarter.
• Time Deposits
3.0% per annum | 50,000.00 – 299,999.00
3.5% per annum | 300,000.00 – 499,999.00
4.0% per annum | 500,000.00 – 699,999.00
4.5% per annum | 700,000.00 – 999,999.00
5.0% per annum | 1,000,000.00 – 10,000,000.00
TYPES OF LOANS
• Providential Loan – for hospitalization, education, repair of equipment, house or car and others which the BOD may determine. (Interest Rate: 1% per month) (Maximum of five (5) years)
• Productive Loan – to start up or improve medical practice, pharmacy, or any other business venture which the BOD may determine. (Interest Rate: 1% per month) (Maximum of five (5) years)
• Emergency Loan (Not more than P20, 000.00) – between life and death cases of members of the family. Money shall be released direct to the institution or hospital concern with a maximum term of six (6) months to pay. Approval from the Credit Committee is not needed. (Interest Rate: 1% per month)
• Petty Cash Loan (Not more than One month’s salary) – an amount not exceeding his share capital may be loan out at the discretion of the Loan Officer for the term of one (1) month to pay. (Interest Rate: 4% per month)
• Other types of loans may be granted by the BOD with specific guidelines to be promulgated depending on the financial capability of the Cooperative.