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Having read through the latest FICCO Newsletter, it can only by inspiring going through the lead article with its articulation of its clear and unmistakable twin messages. That this union can continue to grow only through its membership; and that these continuing hard times require extraordinary measures and efforts from both the organization’s hierarchy and the general membership.
Though implied but not expressly mentioned, one could also take pride in where real strength and stability lie in the organization – in the collective membership where individually, one member on average accounts only for 23,347 pesos in deposit. Meaning therefore that ownership and stakeholding are well distributed among the many members of the union, rather than ensconced in a small elite group accounting for a great majority of the ownership.
Having been a longstanding member through all these many years, one is also heartened by the two graph insets, tracing the growth of membership and total assets. When I left the city in 1980, indeed total membership counted in the single thousand, and assets were mostly in loans and cash in bank. But look at the very big and diverse picture now!
Truly this credit union is where many dispossessed people, people unable to be properly serviced by mainstream financial institutions, can go to seek relief for their many and multifaceted credit needs, rather than to the informal underground institutions which cater and prey on a people weakened by stubborn ignorance and very emaciated economic conditions.
It is an organization that will also aside from providing credit, teach one how to secure and manage debt, and to build a good credit record and history.
But beyond that, it is also the organization where one can truly learn to manage one’s family and business finances – in the areas of saving for the future, saving for business expansion, etc.
In short, it teaches the entire panoply of good and sound personal finance, which is the only basis for hoping and building for a better future, especially in a land filled with asset- and cash-strapped families.
It is therefore quite a damper listening to some current and prospective members recount their initial dealings with FICCO employees where emphasis is placed too much on first building a good credit history to aim for that Class A label. Thus, the recommendation is for members to start borrowing early even before being able to build a good deposit history, so they can become proud Class A members quickly.
Imagine for a moment what kind of a credit union it would be if the driving motive for becoming a member is so one can borrow, typically an amount way beyond what one has put in deposit?
The union would quickly run out of funds to lend, since loanable funds come essentially from members’ deposits.
For a union to continue to prosper there has to be a very delicate balance between those who borrow because they need to, and those who will deposit so they can build for their future and/or in anticipation of some future needs that will be financed or collateralized by their accumulated deposits.
There has to be enough numbers of the second kind, so that the union can continue to have sufficient funds to lend to those truly in need of credit.
In balance therefore, it should be easy to see why both kinds of members are exemplary members, and not that one is rated better than the other. Consider their symbiotic relationship, one cannot live without the other.
In fine, this is the simple and pure logic why financial institutions exist and survive. They pool the community’s savings which in turn will be lent out to those with legitimate needs but lack enough savings to profitably finance them.
All can be member depositors all the time, but not all can be member lenders all the time.
Think about that.
Amadeo V. Neri
FICCO member
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Hi, Toti:
Is there any way the comments attached below can be electronically fowarded to the staff of the FICCO Newsletter. I cannot find any FICCO site in the Internet that will allow email comments. Thanks for any help.
Day of INFAMY in the Philippines
By Jun Mercado, OMI
November 23rd is now etched in the history of the province as the day of shameless ignominy. On that day, a convoy of the women folks of the Mangudadatu clan accompanied by media people and their women lawyers on their way to the Capitol of the Province in Sharif Aguak municipality was stopped by PNP forces with hundreds of armed civilian volunteer organizations (under the command of the PNP) along the national highway in Ampatuan municipality. The convoy was directed to take the farm road leading to a deep hole meant to be the mass grave of the entire members of the convoy and also the other vehicles that happened to follow the convoy.
I am beginning to piece the story of the tragic massacre. It all began about three weeks ago with a COMELEC Resolution directing the transfer of the COMELEC Satellite Office from Cotabato City to the Provincial Capitol in Maguindanao. Then another resolution came directing all candidates in the province to file their certificates of candidacy at the provincial `capitol'. These resolutions looked innocent when read and seen outside the concrete political context in the province.
Anyone in the place knows that the said resolutions follow the logic of the local politics and the control over the COMELEC on the ground. COMELEC cannot feign ignorance of these realities nor washes its hands in the ensuing massacre in Maguindanao. The concrete experiences of 2004 and 2007 elections and the participation of COMELEC in the province are too gross to ignore.
There is a reason and definitely politics in the physical shifting `capitol' sites in the province. There is a need to locate the `capitol' in a place to ensure total control. For this reason, Maguindanao can qualify to put the capitol building on wheels. It began in Cotabato City; then Datu Udtog moved it to Pagalungan; Post Datu Udtog, it was moved back to Cotabato City; then it was moved to Maganoy (Sharif Aguak); Zacaria Candao moved it back to Cotabato City; then he moved it to a new site in Sultan Kudarat. The Ampatuan moved the `capitol' back to Maganoy where it now stands.
The total control of the capitol ensures absolute control over all government machineries in the capitol site, including the COMELEC, PNP and AFP.
Months ago, the buzz in the province and in Cotabato City has been the looming political contest between the Ampatuan clan, the present unquestioned ruler of the Province and the ARMM, and the Mangudadatu clan.
Everybody in town is actually surprised by this challenge coming from the four Mangudadatu young, daring and dazzling brothers (two mayors, one vice mayor and one assemblyman of the Regional Assembly of the ARMM). The leader of the clan and the main challenger is the present Vice Mayor of Buluan, Datu Ismael `Toto' Mangudadatu.
The challenge came as a big surprise, because the Ampatuan clan is `intimately' connected to President Gloria Macapagal Arroyo and the Lakas – Kampi – CMD Party both in 2004 and 2007 national elections. The convergence of the political and electoral agenda of Pres. Arroyo and the Ampatuans is well known both in the national and local levels.
The challenge emerged when talks that the `senior' Ampatuan is no longer qualified to run as Governor of the province. The name of the `junior' Ampatuan has begun to surface as the clan bet for what they thought would be uncontested governorship in the province come May 2010.
This development sparked talks and counter-talks of contesting the governorship thus shifting political alliances, especially with the waning of the star of Malacañang and her official candidates.
The relations between President Arroyo and the Ampatuans hinged on a symbiosis of political and electoral interests and as demonstrated by the `outstanding' delivery capacity of the clan in all electoral exercises held in the province of Maguindanao.
When we speak of captive electorate, I refer to `managed' and `owned' elections. Political parties and candidates also refer to the entire ARMM as `captive' electorate. This is not a simple perception but the `actual ballot' counts' attest to this `winner take all' elections. This fact is known also to the COMELEC.
No doubt, if electoral anomalies happen, the people who manage and secure the elections are equally controlled. In most instances, the teachers and officials of the COMELEC, including the PNP have little or no choices at all. Their lives and their families, as well, are in jeopardy.
The COMELEC resolution transferring its satellite office in Sharif Aguak and the requirement to file the certificates of candidacy in the `capitol' is NOT as innocent as it looks unless COMELEC were born yesterday!
This COMELEC decision has forced the Mangudadatu to go into the heartland of the Ampatuan clan. The Vice Mayor Toto Mangudadatu decided to go and file his certificate of candidacy. But he was prevailed upon by the mother to let the women do the filing. The clan believed that Toto's presence in Aguak may lead to actual bloodshed. The mother and the religious leaders believed that an all-women delegation accompanied by media people and women lawyers would be respected. Islam strongly enjoins believers to respect women and children even during times of war.
As a double insurance for the delegation, the Mangudadatu has asked for police escorts from the PNP Provincial command. It refused to do so. Understanding the perceived partisanship of the Maguindanao PNP, the clan asked for military escort from the 601st Brigade that has an operational responsibility for area. They were told that the AFP does not give escort to politicians. . The clan appealed to the highest military command in the region for a security escort for the women. They were assured by the highest military command that the `road is safe and there will be no need to worry'.
With that assurance, the all-women delegation began the trek to Sharif Aguak. At crossing Salman along the national highway in broad daylight in Ampatuan municipality, the convoy was stopped including the other vehicles accidentally passing by that momentous time by hundreds of armed groups believed to be CVOs that included some officials of the PNP in the province and a local mayor positively identified by the Mangudadatu.
The entire convoy where led to an open pit dug by the provincial engineering equipment. There the carnage began with brutality and no mercy for women, children and the members of the media.
The last vehicle in the convoy, delayed by few minutes, saw the whole gang stopping the convoy and made positive identification. It turned back with speed and asked for help. But alas, the help came too late.
There were no survivors! The first count was 21 fatalities in the afternoon of the same day. These were the bodies left on the ground and in the vehicles because of the haste. The second day, the body count reached 46 as investigators began to dig the mass graves. On the third day, the number has reached more than 60. They were all murdered with so much brutality that can only be compared to victims of savage animals in the wild.
The digging continues and the body counts continue to rise. The Mangudadatu can only account for 40 members of their convoy. Beyond that number were innocents passersby who happened to be traveling the same road at that particular moment. These innocent passersby include children!
They buried the whole vehicles with the murdered passengers. Seemingly, the intent was to bury all the vehicles and all the victims in that big hole dug by the Provincial `backhoe'. But there was news that the troops were coming. This made the perpetrators to hurriedly leave the scene without completing their evil intent.
Today, the people of Maguindanao and Cotabato City are in total disbelief for what they are hearing over the radio as the massacre continues to unfold. They are stunned and shocked! The real word is feeling of revulsion for how things stand in the province and the community.
COMELEC has now allowed filing of candidacy in the City and in Sultan Kudarat without filing for an exception. It has also returned the satellite office in the city. COMELEC shares the blame for this massacre. Ignorance can never be an excuse! It is a very costly political decision!
Knowing the close tie between the President Arroyo and the Ampatuan, the Presidency and the national government are directly held accountable! People ask will there be immediate arrests of the identified perpetrators of the massacre? Three days have passed by and there is not a single arrest made yet...! Will there be honest and objective investigation of the massacre?
While we debate over the massacre, the perpetrators and the hundreds of high powered bearing CVOs and the identified leaders of the massacre roam freely and with impunity. Onli in da Pilipins!
November 23rd is now etched in the history of the province as the day of shameless ignominy. On that day, a convoy of the women folks of the Mangudadatu clan accompanied by media people and their women lawyers on their way to the Capitol of the Province in Sharif Aguak municipality was stopped by PNP forces with hundreds of armed civilian volunteer organizations (under the command of the PNP) along the national highway in Ampatuan municipality. The convoy was directed to take the farm road leading to a deep hole meant to be the mass grave of the entire members of the convoy and also the other vehicles that happened to follow the convoy.
I am beginning to piece the story of the tragic massacre. It all began about three weeks ago with a COMELEC Resolution directing the transfer of the COMELEC Satellite Office from Cotabato City to the Provincial Capitol in Maguindanao. Then another resolution came directing all candidates in the province to file their certificates of candidacy at the provincial `capitol'. These resolutions looked innocent when read and seen outside the concrete political context in the province.
Anyone in the place knows that the said resolutions follow the logic of the local politics and the control over the COMELEC on the ground. COMELEC cannot feign ignorance of these realities nor washes its hands in the ensuing massacre in Maguindanao. The concrete experiences of 2004 and 2007 elections and the participation of COMELEC in the province are too gross to ignore.
There is a reason and definitely politics in the physical shifting `capitol' sites in the province. There is a need to locate the `capitol' in a place to ensure total control. For this reason, Maguindanao can qualify to put the capitol building on wheels. It began in Cotabato City; then Datu Udtog moved it to Pagalungan; Post Datu Udtog, it was moved back to Cotabato City; then it was moved to Maganoy (Sharif Aguak); Zacaria Candao moved it back to Cotabato City; then he moved it to a new site in Sultan Kudarat. The Ampatuan moved the `capitol' back to Maganoy where it now stands.
The total control of the capitol ensures absolute control over all government machineries in the capitol site, including the COMELEC, PNP and AFP.
Months ago, the buzz in the province and in Cotabato City has been the looming political contest between the Ampatuan clan, the present unquestioned ruler of the Province and the ARMM, and the Mangudadatu clan.
Everybody in town is actually surprised by this challenge coming from the four Mangudadatu young, daring and dazzling brothers (two mayors, one vice mayor and one assemblyman of the Regional Assembly of the ARMM). The leader of the clan and the main challenger is the present Vice Mayor of Buluan, Datu Ismael `Toto' Mangudadatu.
The challenge came as a big surprise, because the Ampatuan clan is `intimately' connected to President Gloria Macapagal Arroyo and the Lakas – Kampi – CMD Party both in 2004 and 2007 national elections. The convergence of the political and electoral agenda of Pres. Arroyo and the Ampatuans is well known both in the national and local levels.
The challenge emerged when talks that the `senior' Ampatuan is no longer qualified to run as Governor of the province. The name of the `junior' Ampatuan has begun to surface as the clan bet for what they thought would be uncontested governorship in the province come May 2010.
This development sparked talks and counter-talks of contesting the governorship thus shifting political alliances, especially with the waning of the star of Malacañang and her official candidates.
The relations between President Arroyo and the Ampatuans hinged on a symbiosis of political and electoral interests and as demonstrated by the `outstanding' delivery capacity of the clan in all electoral exercises held in the province of Maguindanao.
When we speak of captive electorate, I refer to `managed' and `owned' elections. Political parties and candidates also refer to the entire ARMM as `captive' electorate. This is not a simple perception but the `actual ballot' counts' attest to this `winner take all' elections. This fact is known also to the COMELEC.
No doubt, if electoral anomalies happen, the people who manage and secure the elections are equally controlled. In most instances, the teachers and officials of the COMELEC, including the PNP have little or no choices at all. Their lives and their families, as well, are in jeopardy.
The COMELEC resolution transferring its satellite office in Sharif Aguak and the requirement to file the certificates of candidacy in the `capitol' is NOT as innocent as it looks unless COMELEC were born yesterday!
This COMELEC decision has forced the Mangudadatu to go into the heartland of the Ampatuan clan. The Vice Mayor Toto Mangudadatu decided to go and file his certificate of candidacy. But he was prevailed upon by the mother to let the women do the filing. The clan believed that Toto's presence in Aguak may lead to actual bloodshed. The mother and the religious leaders believed that an all-women delegation accompanied by media people and women lawyers would be respected. Islam strongly enjoins believers to respect women and children even during times of war.
As a double insurance for the delegation, the Mangudadatu has asked for police escorts from the PNP Provincial command. It refused to do so. Understanding the perceived partisanship of the Maguindanao PNP, the clan asked for military escort from the 601st Brigade that has an operational responsibility for area. They were told that the AFP does not give escort to politicians. . The clan appealed to the highest military command in the region for a security escort for the women. They were assured by the highest military command that the `road is safe and there will be no need to worry'.
With that assurance, the all-women delegation began the trek to Sharif Aguak. At crossing Salman along the national highway in broad daylight in Ampatuan municipality, the convoy was stopped including the other vehicles accidentally passing by that momentous time by hundreds of armed groups believed to be CVOs that included some officials of the PNP in the province and a local mayor positively identified by the Mangudadatu.
The entire convoy where led to an open pit dug by the provincial engineering equipment. There the carnage began with brutality and no mercy for women, children and the members of the media.
The last vehicle in the convoy, delayed by few minutes, saw the whole gang stopping the convoy and made positive identification. It turned back with speed and asked for help. But alas, the help came too late.
There were no survivors! The first count was 21 fatalities in the afternoon of the same day. These were the bodies left on the ground and in the vehicles because of the haste. The second day, the body count reached 46 as investigators began to dig the mass graves. On the third day, the number has reached more than 60. They were all murdered with so much brutality that can only be compared to victims of savage animals in the wild.
The digging continues and the body counts continue to rise. The Mangudadatu can only account for 40 members of their convoy. Beyond that number were innocents passersby who happened to be traveling the same road at that particular moment. These innocent passersby include children!
They buried the whole vehicles with the murdered passengers. Seemingly, the intent was to bury all the vehicles and all the victims in that big hole dug by the Provincial `backhoe'. But there was news that the troops were coming. This made the perpetrators to hurriedly leave the scene without completing their evil intent.
Today, the people of Maguindanao and Cotabato City are in total disbelief for what they are hearing over the radio as the massacre continues to unfold. They are stunned and shocked! The real word is feeling of revulsion for how things stand in the province and the community.
COMELEC has now allowed filing of candidacy in the City and in Sultan Kudarat without filing for an exception. It has also returned the satellite office in the city. COMELEC shares the blame for this massacre. Ignorance can never be an excuse! It is a very costly political decision!
Knowing the close tie between the President Arroyo and the Ampatuan, the Presidency and the national government are directly held accountable! People ask will there be immediate arrests of the identified perpetrators of the massacre? Three days have passed by and there is not a single arrest made yet...! Will there be honest and objective investigation of the massacre?
While we debate over the massacre, the perpetrators and the hundreds of high powered bearing CVOs and the identified leaders of the massacre roam freely and with impunity. Onli in da Pilipins!
ATING KOOP Victory Mass and Motorcade
On November 30, 2009, we will have a Victory Mass and Motorcade to celebrate the accreditation of ATING KOOP PARTYLIST by COMELEC. Let us meet on that date at 8AM in Quezon Circle. We will celebrate Mass at 9AM, then after the Solidarity Messages, we will proceed to COMELEC to file our INTENT to join the Election in 2010. Let us be there and invite your friends and supporters of Ating Koop.
This is Fr. Mar DJ Arenas officially announcing that Ating-Koop Partylist has just received on this 16th of November (Feast of the Mother of Mercy in Poland) the COMELEC Resolution approving Ating-Koop to participate in the 2010 election!
I would like to thank everyone for your active participation and prayers. This is a collective effort and teamwork. And I hope we continue to be this way...in God's guidance.
We will convene in the soonest possible date the National Assembly which will elect the National Council Central Committee, and will determine the selection process in choosing the Partylist Representative(s). Let us remember that the true Partylist Representative(s) are different from the District Representatives/Congressmen because the Partylist Representative(s) simply act as the "voice" of the National Assembly thru the National Council. Kaya pwedeng maging motto natin sa ating-koop partylist..."totoo ito, di trapo."
Let us start to mobilize. We have just started the journey. Let us adopt the W-I-N Formula: W-ork now! I-nvolve others! N-ever surrender!
I hope we can use this website to reach out and inform everyone on what we are doing in making sure that we reach congress in 2010. Soon we can say...may kapartner na tayo sa kongreso! Mabuhay ang Ating-Koop Partylist...totoo ito, di trapo!
ATING KOOP - COMELEC Approval
Dear all,
We are pleased to inform you that the COMELEC First Division promulgated its Resolution dated November 13, 2009 approving our "Petition for Registration and Accreditation". The 12-page Resolution is very strong on legal and factual basis, as the COMELEC debunked and dismissed the allegations of COOP-NATCO point-by-point that we are not entitled to registration as a party-list representing the Cooperative Sector.
We thank all of you for the trust and faith that you have reposed to our Ating Koop. We look forward to seeing and meeting with you in the coming days as we plan for the May, 2010 elections!
Mabuhay and Ating Koop!
Cheers,
James Ian L. dela Vega
Pacquiao vs Cotto - Tale of the Tape and More
Las Vegas - forgive me for bringing you this off topic article. I just couldn't forgive myself not bringing you this little info about our boxing icon progress in his fight tomorrow with Miguel Cotto.
I'd like to show you the tale of the tape for Saturday's anticipated welterweight title fight between Manny Pacquiao and Miguel Cotto, which will be settled when the six-time world champion Pacquiao and welterweight belt-holder Cotto step on the scales inside the MGM Grand Garden Arena.
The weigh-in is open to the public, with doors opening at 1 p.m. At 5:30 a.m., the first person started the line, said an MGM security official.
For those waiting for the weight numbers to be finalized for the bout that contractually demands each man to weigh in at 145 pounds, here's the other key numbers to chew on:
Age: Pacquiao 30, Cotto 29;
Record: Pacquiao 49-3-2, 37 KOs, Cotto 34-1, 27 KOs;
Height: Pacquiao 5-6 1/2, Cotto 5-8;
Reach: Pacquiao 67", Cotto 69";
Chest normal: Pacquiao 38", Cotto 39",
Chest expanded: Pacquiao 41", Cotto 41";
Biceps: Pacquiao 13", Cotto 13",
Forearm: Pacquiao 12", Cotto 11 1/2";
Waist: Pacquiao 28", Cotto 32";
Thigh: Pacquiao 20", Cotto 22 1/2";
Calf: Pacquiao 15", Cotto 12";
Neck: Pacquiao 16", Cotto 16";
Wrist: Pacquiao 8", Cotto 7 1/2";
Fist: Pacquiao 10", Cotto 11".
-- An unofficial poll of writers has been finalized, with 16 selecting Pacquiao and eight picking Cotto.
Source: http://latimesblogs.latimes.com/sports_blog/2009/11/manny-pacquiao-miguel-cotto-boxing-2.htmlWritten by: Lance Pugmire
Credit Card Companies Evil Deeds
"5 evil things credit card companies can (still) do". This is the title of an article on Yahoo.com that speaks about the credit card companies abusive practices. Though this article was originally posted in CNN Money, it is still very relevant to us and reveals better understanding of the credit card company abuse.
Here's the brief 5 point summary:
- Rate Hikes
- New Fees
- Higher Minimum Monthly Payments
- Fewer Rewards
- Slashed Credit Limits and Cancelled Accounts
What's a Cardholder to Do?
Consumers must pay close attention to the terms of their contracts, staying alert to any changes.
"It's boring reading, and it can be hard to understand, but that's where everything is spelled out,".
Of course, while there are laws aimed at helping consumers, legislation can't do it all.
And if you don't like your credit card's new terms? "Shop around.
And hope for the best in Cooperatives they're actually our hope.
Pre-Membership Seminar Online
If FICCO will offer Pre-membership online will you be interested to join?
I have received a number of emails from Filipino's abroad asking if they could possibly become a member while they are still working outside the Philippines.
Well my answer to that is this, "Yes, if you have been an active member before you leave the country" but if you're now outside the country and you are applying for membership then it is not yet permitted at the moment. The last information I got was that the legal department of FICCO task to study the legalities of having a member from outside the country, especially by the time one applies for a loan.
Any updates on this matter will be posted on this site. I urged Filipinos emailing me to just wait and subscribe to my email. Thank you.
I have received a number of emails from Filipino's abroad asking if they could possibly become a member while they are still working outside the Philippines.
Well my answer to that is this, "Yes, if you have been an active member before you leave the country" but if you're now outside the country and you are applying for membership then it is not yet permitted at the moment. The last information I got was that the legal department of FICCO task to study the legalities of having a member from outside the country, especially by the time one applies for a loan.
Any updates on this matter will be posted on this site. I urged Filipinos emailing me to just wait and subscribe to my email. Thank you.
FICCO 48th Office Opens in Ozamiz City
Blessings of the motorcycle for the Ozamiz operation. With FICCO Maranding Manager Alex Ruel Manuel and CEO Vicente B Rana
FICCO Chairman Isagani B. Daba and FICCO Bank BOD Member Dir Tim Ruben
Motorcade
After the motorcadeFIRST COMMUNITY COOP BANK
The First Community Cooperative Bank (FICCO Bank) of Misamis Occidental is already added to the Wikipedia under the list of banks in the Philippines. If you click on the link go to the Misamis Occidental and see the FICCO written second.
However, upon clicking the link to the article on the Wiki nothing can be found. It says Wikipedia does not have exact article with the exact name.
Cooperative Performance Annual Report Form (CAPR)
I have notice a dead link on the Cooperative Development Authority (CDA) website page on the CAPR Form. I am posting a link to my google docs where cooperators may be able to download the form since it is the last quarter of the year and before we know it we will be required bythe CDA to submit annual reports that include the CAPR.
Anybody interested may download it from here, just click this link.
Anybody interested may download it from here, just click this link.
RMC 57-2009 Stop Issuing Tax Assessments to Coops
Secretary Gary B. Teves signed the RMC 57-2009 dated October 5, 2009 directing the BIR to stop issuing tax assessments to cooperatives duly registered with the CDA based on the old cooperative law.
Here's is the image file of the RMC 57-2009.
Here's also a link to my google docs where you can get the entire file: Click Here.
Additionally you may get a copy of Coop Code of 2008 here.
Don't forget to subscribe to my email list and get coop updates straight to your email
Here's is the image file of the RMC 57-2009.
Here's also a link to my google docs where you can get the entire file: Click Here.Additionally you may get a copy of Coop Code of 2008 here.
Don't forget to subscribe to my email list and get coop updates straight to your email
How to become a member in good standing?
Aiming to become a member in good standing (MIGS) is a process. It is not an overnight sensation that some people ask to shorten the process begging managers of FICCO to grant them easy no sweat short cuts (warning). Thus, theres really no cutting corners for FICCO's MIGS process. When you are evaluated a Class A or a member in good standing at FICCO you should be proud of it because you earned it.
Now lets go back to the basic question. How does one become a member in good standing?
A member becomes a member in good standing when he complies the following condition:
Patronize FICCO services
- save/deposit regularly
- borrow wisely
- pay loans promptly
Participate FICCO activities
- attend General assembly
- attend coop anniversary (When members are invited to attend)
- attend coop month (When members are invited to attend)
Promote/sell FICCO
- recruit members
- remind lost/delinquent members
Now lets go back to the basic question. How does one become a member in good standing?
A member becomes a member in good standing when he complies the following condition:
Patronize FICCO services
- save/deposit regularly
- borrow wisely
- pay loans promptly
Participate FICCO activities
- attend General assembly
- attend coop anniversary (When members are invited to attend)
- attend coop month (When members are invited to attend)
Promote/sell FICCO
- recruit members
- remind lost/delinquent members
FICCO MAF Services
So what do a member expect from the Mutual Aid Fund of FICCO? Here's a list of them
This benefit is not automatic members are urged to enroll before they are covered.
- Hospitalization Assistance
- Maternal Care
- Death Aid
- Savings Protection
- Loan Protection
- Hospitalization Assistance
This benefit is not automatic members are urged to enroll before they are covered.
- Maternal Care
- Death Aid
- Savings Protection
- Loan Protection
FICCO Organizational Structure
This is the First Community Cooperative (FICCO) organizational structure.
How to Save?
The pinoy's savings habit on a scale of 1 to 10, (10 being the highest) may only have a rating of 2. Meaning 2 out of 10 Filipinos save. Our mentality about savings is manifested by this equation:
Income minus Expense = Savings
A friend of mine even joke about this and said "oh the equation is wrong because the latest survey suggest that pinoy's savings habit is rated -1 (negative one) or an equation of Income - expense = Overdraft". Sad but true, I mean reality bites we have more to spend than to save. My question is - Is that really the reason why we cannot save? more to spend than to save? On the other hand others would say, "Yes we have save" but we withdraw it 2 days after every deposit. This is just the same as no savings at all.
The existence of cooperatives gives us hope to educate the members about personal finance. The habit of savings, frugality and thrift. lets educate more people, evangelize them with the cooperative principles, lets bring the light to them, make them aware that savings equation adopted by the cooperatives is this:
Income minus Savings = Expense
The trick is to do this little by little or a few amounts allocated every pay day until it becomes a habit. The only struggle is to begin and later it becomes a regular practice and will be very easy for one to comply.
Income minus Expense = Savings
A friend of mine even joke about this and said "oh the equation is wrong because the latest survey suggest that pinoy's savings habit is rated -1 (negative one) or an equation of Income - expense = Overdraft". Sad but true, I mean reality bites we have more to spend than to save. My question is - Is that really the reason why we cannot save? more to spend than to save? On the other hand others would say, "Yes we have save" but we withdraw it 2 days after every deposit. This is just the same as no savings at all.
The existence of cooperatives gives us hope to educate the members about personal finance. The habit of savings, frugality and thrift. lets educate more people, evangelize them with the cooperative principles, lets bring the light to them, make them aware that savings equation adopted by the cooperatives is this:
Income minus Savings = Expense
The trick is to do this little by little or a few amounts allocated every pay day until it becomes a habit. The only struggle is to begin and later it becomes a regular practice and will be very easy for one to comply.
What is the Obligation of the Comaker?
By deifinition Co-maker means one of two or more persons who sign an instrument to indicate a promise to pay a financial obligation. Any co-maker may be sued for the entire amount of the indebtedness, although a co-maker who is forced to pay more than his or her share may seek contribution from the other co-makers.
The co-maker has an obligation as if he is the principal borrower. While FICCO exerts every effort to collect from the principal borrower, if the principal borrower cannot pay his loan, FICCO can run after the co-maker. Also, while FICCO is pursuing collection from the principal borrower, the co-maker, in the event he applies for a loan, is obligated to pay certain amount of the principal due including interest before his own loan is released or if he agrees, the delinquent loan will be deducted from his loan proceeds.
It is advise that before a member co makes a loan be sure you understand thoroughly your obligation in case of dafult by the principal borrower.
The co-maker has an obligation as if he is the principal borrower. While FICCO exerts every effort to collect from the principal borrower, if the principal borrower cannot pay his loan, FICCO can run after the co-maker. Also, while FICCO is pursuing collection from the principal borrower, the co-maker, in the event he applies for a loan, is obligated to pay certain amount of the principal due including interest before his own loan is released or if he agrees, the delinquent loan will be deducted from his loan proceeds.
It is advise that before a member co makes a loan be sure you understand thoroughly your obligation in case of dafult by the principal borrower.
FICCO Loan Processing Procedure
Steps in Loan Application :
- Member- borrowers shall obtain a loan application form from the FICCO office where they are members.
- Loan applications must be properly accomplished. Members must secure all the requirements needed before the application is accepted.
Since FICCO have different types of loans according to the needs of its members, some of its loan requirements differ depending on the type of loan being requested, viz:
i. For Regular loans, Housing Related loans & Commercial loans
- Certificate of Employment/ Service record for employed members or Business Permit or DTI Certificate for business men
- Pay slip (last 3 months prior to application)
- Water and electric bill receipt (last 3 months prior to application)
- Income Tax Return (previous year- photocopy)
- Certificate of ownership of applications or OR/CR of motor vehicle or Original Title, Tax Declaration, Tax Clearance (Current year), Sketch plan and location plan for loans that require collateral.
- Chattel mortgage or Real Estate Mortgage form
- One-year bank statement or bank certificate for members who wished to use PDC’s as security.
- For Financing Loans
- Numbers 1, 2, 3, 4 & 6 of letter i.
- Quotation from reliable stores of the member’s choice
iii. For Educational Loans
- Numbers 1, 2, & 3 of letter i. Assuming member has no other loans (Current year)
- Certification from school where their dependents are currently enrolled indicating the amount of school fees or assessment.
iv. For Medical Loans
- Numbers 1, 2 & 3 of letter i. Assuming member has no other loans (Current year)
- Medical or Doctor’s certificate
- Drug prescription with corresponding value of the medicine
- Once accomplished, the loan application shall be submitted to the Loans Clerk/ C.I./ Loans Officer for initial evaluation as to the completeness of the application including updating of data in the computer.
- After scrutinizing the loan documents, the Loans Clerk/ C.I./ Loans Officer shall fill-out a Pre-Evaluation Form indicating all information such as: Monthly income, Monthly expenses and the disposable monthly income of the borrower. This Pre-Evaluation Form must be signed/ conformed by the borrower. The Loans Clerk/ C.I./ Loans Officer shall record the application on a logbook indicating the date and time of receipt.
- The submission of loan applications must have a cut-off date to be able to give time for background and collateral inspection.
- After the cut-off period, the C.I. must verify all the information stated by the borrower in the loan application, the member’s deposits as well as the signatures of the loaner, the spouse and co-makers. CI/Appraisers is prohibited from conducting appraisals for member borrowers who are their relatives up to 4 th civil degree by consanguinity or affinity.
- After establishing the accuracy of the data supplied by the member, the C.I. shall conduct actual inspection on the residence and make background checks on the member using the ‘5 C’s of credit’ scheme. An inspection fee of P 100.00 shall be 50 KMS P 300.00.
- The C. I. shall be responsible in making a written report after the credit investigation. This report will be the basis of the final evaluation by the Chief Loans/Manager and is crucial in the approval and/or disapproval of the loan application.
- When the C.I. has finished preparing all the Credit Investigation Reports (CIR), The Chattel Inspection/ Real Estate Inspection Reports (CI/REIR) and the Membership Information Reports (MIR), he will then submit these documents together with loan applications to the Chief Loans or the Manager who in turn, will make endorsements and recommendations to the Credit Committee.
- Members will then be required to attend a one & a half to two-hour briefing of the basic principles and policies of FICCO. Class A1 and A may attain loan briefing once a year.
- After the briefing, a personal interview shall be conducted by the Credit Committee who will make the Final approval or disapproval of the loan. Proxies will not be allowed during briefings and interviews. Releases of approved loans shall be subject to availability of funds. The credit committee may require the submission of income tax return from the borrowers for verification purposes. Loans approved or disapproved by the credit committee shall contain the following:
a.) Signatures of the approving members by at least two (2) credit committee;
b.) Date of approval;
c.) A notation “APPROVED” “DISAPPROVED” shall appear in the loan application;
d.) Approved loans shall be filed properly in secured vaults immediately after its release together with all necessary supporting documents.
- Approved or disapproved loan applications shall be returned to the Loans Clerk/ C.I./ Loans Officer for filing.
- The Loans Clerk/ C.I./ Loans Officer shall type/ prepare documents such as; CM Form & REM Form, if applicable, and shall affix his signature on the papers together with another FICCO employee to act as witnesses to the signing of the documents, after which, the Manager affix his signature.
- The FICCO Legal Counsel will notarize all the documents. After the notarization, the Documentary Clerk will bring the documents to the Bureau of Internal Revenue (BIR) and pay appropriate Documentation fees as well as the registration with the Registry of Deeds (ROD). The member shall be asked to pay for the payments to the BIR & ROD in cash aside from the processing fee of P 100.00 but shall not exceed P 500.00 & notarial of P 100.00 per loan document, which will be deducted from the member’s loan proceeds.
- After the documents have been properly registered with the ROD, the same shall be returned to the FICCO office pending final release of the loan.
- Final release of the loan will be after the registration of the ROD, in case of Real Estate Mortgage (REM) or Chattel Mortgage (CM) for appliances. For Chattel Mortgage on motor vehicles, the final release shall be after the annotation of the “encumbered to FICCO” by the Land Transportation Office (LTO).
- The Loans Clerk/ C.I./ Loans Officer shall prepare check vouchers for each of the loan applicants.
- The Accountant/ Bookkeeper or the Chief Loans/ Loan Analyst, shall verify all the entries in the check vouchers, loan applications and the loan disclosure and shall sign the checks for loans of Two Hundred Thousand Pesos (P 200,000.00) and below and shall be countersigned by the Manager. The Manager shall sign for loans above P 200,000.00 countersigned by the Treasurer or the member of the Board of Directors assigned for the cluster or in their absence, the General Manager/ CEO or the Manager of the nearest FICCO branch shall act as counter signatory.
- During the release, the Loans Clerk/ C.I./ Loans Officer or Manager shall let the member sign on a logbook indicating the name of the borrower, the type of loan, amount of release, check numbers and the date of release as well as the Check Vouchers and the Loan Disclosure. A copy of the Loan Disclosure, Promissory Note and the Amortization Schedule shall be given to the borrower.
- If the member-borrower cannot come personally because of obvious reasons, a written authority signed by the member-borrower indicating the reason why he/she cannot personally come and the person he/she is authorizing. The check proceeds of the loan maybe release but it shall only be encashed by the member-borrower. In some cases where the borrower has informed the office before the preparation of the checks and check vouchers, where a Special Power of attorney (SPA) has been submitted, the office may opt to include the name of the authorized person.
- After the release, the Loans Clerk/ C.I. shall file all the loan documents on a safe or steel cabinet in an orderly manner. Collateral documents such as OR/ CR of vehicles, Certificate of Ownership and Land Titles must be kept in a secured vault and shall be properly recorded in a logbook.
- Only authorized persons shall be allowed to access these files and the Loans Clerk/ C.I. must always monitor and properly record the whereabouts of these files.
- C.I./ Collectors are responsible to make constant follow-up and make collections to those loans that have been released.
Types of Loan - FICCO
With certain limitations, a member may avail of several loans at the same time depending on his capacity to pay, the collateral he can offer, and his classification. A member’s capacity to pay and the collateral he offer is subject to proper evaluation by the management and the Credit Committee. The classification is based on his track record as a member.
On the assumption that a member has the capacity to pay and can offer appropriate collateral, he can avail of the following loans in accordance with his classification, thus:
A. For Class A1+, A1 & A;
1. Regular Loans;
a. Productive Loan
b. Provident Loan
2. Regular Agricultural Loans;
a. Rice and Corn Crop Loan
b. Sugar Cane Crop Loan
c. Cassava Crop Loan
d. Other Crop Loan
e. Agricultural Lot Purchase
3. Commercial Loans;
a. Small Enterprise Assistance Loan
b. Commercial Credit Line
c. Vendors-Drivers Assistance Loan
4. Financing Loans;
a. Appliance Loan
b. Motor Vehicle Loan
c. Motorcycle Loan
d. Cell phone Loan
5. Travel;
a. Travel & Tours Loan
b. Special Travel & Tour Loan
6. Housing;
a. Housing Assistance Loan
b. FICCO Ville Lot Purchase
c. House Construction Loan
7. Commodity Loans;
a. Rice Loan
b. SM Gift Check Loan
c. Gaisano Gift Check Loan
d. Ororama Gift Check Loan
8. Medical Loans;
a. Medical Loan
b. Optical Loan
c. Dental Loan
d. Newborn Screen Test
9. Educational Loan
10. Salary Loan
11. Petty Cash Loan
12. Jewelry
13. Calamity
14. Memorial Lot &/or Services Loan
B. For Class B (re-loan);
1. Regular Loan (Productive or Provident) or
Regular Agricultural Loan or
TTL or
LAD
2. Petty Cash Loan
3. Rice Loan
4. Calamity Loan
5. Jewelry Loan
6. Medical Loan
7. Newborn Screen Test
8. LATD
9. LARS
C. For Class B (First-Time-To-Borrow), C & D;
1. Regular Loan (Productive or Provident) or
Regular Agricultural Loan or
Loan Against Deposits
2. Petty Cash Loan
3. Rice Loan
4. Jewelry Loan
5. Calamity Loan
6. Loan Against Time Deposit
7. Loan Against IS/RS
D. For Class E and members within Probationary Period;
1. Loan Against Deposit or
Rice Loan
2. Loan Against Time Deposit
3. Loan Against IS/RS
On the assumption that a member has the capacity to pay and can offer appropriate collateral, he can avail of the following loans in accordance with his classification, thus:
A. For Class A1+, A1 & A;
1. Regular Loans;
a. Productive Loan
b. Provident Loan
2. Regular Agricultural Loans;
a. Rice and Corn Crop Loan
b. Sugar Cane Crop Loan
c. Cassava Crop Loan
d. Other Crop Loan
e. Agricultural Lot Purchase
3. Commercial Loans;
a. Small Enterprise Assistance Loan
b. Commercial Credit Line
c. Vendors-Drivers Assistance Loan
4. Financing Loans;
a. Appliance Loan
b. Motor Vehicle Loan
c. Motorcycle Loan
d. Cell phone Loan
5. Travel;
a. Travel & Tours Loan
b. Special Travel & Tour Loan
6. Housing;
a. Housing Assistance Loan
b. FICCO Ville Lot Purchase
c. House Construction Loan
7. Commodity Loans;
a. Rice Loan
b. SM Gift Check Loan
c. Gaisano Gift Check Loan
d. Ororama Gift Check Loan
8. Medical Loans;
a. Medical Loan
b. Optical Loan
c. Dental Loan
d. Newborn Screen Test
9. Educational Loan
10. Salary Loan
11. Petty Cash Loan
12. Jewelry
13. Calamity
14. Memorial Lot &/or Services Loan
B. For Class B (re-loan);
1. Regular Loan (Productive or Provident) or
Regular Agricultural Loan or
TTL or
LAD
2. Petty Cash Loan
3. Rice Loan
4. Calamity Loan
5. Jewelry Loan
6. Medical Loan
7. Newborn Screen Test
8. LATD
9. LARS
C. For Class B (First-Time-To-Borrow), C & D;
1. Regular Loan (Productive or Provident) or
Regular Agricultural Loan or
Loan Against Deposits
2. Petty Cash Loan
3. Rice Loan
4. Jewelry Loan
5. Calamity Loan
6. Loan Against Time Deposit
7. Loan Against IS/RS
D. For Class E and members within Probationary Period;
1. Loan Against Deposit or
Rice Loan
2. Loan Against Time Deposit
3. Loan Against IS/RS
Member Classification - FICCO
Class A1 Plus :
• Must have P50,000 minimum share capital
• 5 years minimum membership at “A” classification status
• Zero arrears in loan repayments
• Must have availed of FICCO Loan for five cycles
• Must have invited at least ten (10) new members who became regular Class A members
• Must have volunteered their time and services to FICCO by either as BOD, ELECOM, CRECOM, AIC, or EDCOM for at least one term. Services rendered during annual General Assemblies will be credited,
• Must have maintained the required ten percent (10%) annual growth of their Share and Savings or at least Ten Thousand Pesos ( Php 10,000.00) whichever is lower.
• A member who has maintained an A1 classification status for the last 3 years should merit certain privileges such as:
a.) Longer repayment term, automatic loan ceiling increase of ten to twenty-five percent (10%-25%) subject to the requirement that the new loan monthly amortization shall not exceed one hundred fifty percent (150%) of the immediately preceding loan amortization.
b.) One (1) co-maker
c.) Higher multiple of one step than the rest of the members subject to the provision on collaterals and amortization guidelines.
Class “A1” :
• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans on or before due date;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the Capacity to pay
Class “A”:
• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans monthly but avails the 3-day grace period;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the capacity to pay
Class “B”:
• Members whose loan record is less than 1 year, or
• Pay loans within the month but exceeds the 3-day grace period;
• Failed to deposit from one to two months during the 4-month reckoning period;
• Has attended the last general assembly.
Class “C”:
• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for two months during the 4-month reckoning period;
• Has attended the last general assembly.
Class “D”:
• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for three months during the 4-month reckoning period;
• Failed to attend the last general assembly
Class “E”:
• Members who failed to pay loans for three (3) months or more during the term of the loan;
• Failed to deposit for one or more months during the four-month reckoning
• Must have P50,000 minimum share capital
• 5 years minimum membership at “A” classification status
• Zero arrears in loan repayments
• Must have availed of FICCO Loan for five cycles
• Must have invited at least ten (10) new members who became regular Class A members
• Must have volunteered their time and services to FICCO by either as BOD, ELECOM, CRECOM, AIC, or EDCOM for at least one term. Services rendered during annual General Assemblies will be credited,
• Must have maintained the required ten percent (10%) annual growth of their Share and Savings or at least Ten Thousand Pesos ( Php 10,000.00) whichever is lower.
• A member who has maintained an A1 classification status for the last 3 years should merit certain privileges such as:
a.) Longer repayment term, automatic loan ceiling increase of ten to twenty-five percent (10%-25%) subject to the requirement that the new loan monthly amortization shall not exceed one hundred fifty percent (150%) of the immediately preceding loan amortization.
b.) One (1) co-maker
c.) Higher multiple of one step than the rest of the members subject to the provision on collaterals and amortization guidelines.
Class “A1” :
• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans on or before due date;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the Capacity to pay
Class “A”:
• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans monthly but avails the 3-day grace period;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the capacity to pay
Class “B”:
• Members whose loan record is less than 1 year, or
• Pay loans within the month but exceeds the 3-day grace period;
• Failed to deposit from one to two months during the 4-month reckoning period;
• Has attended the last general assembly.
Class “C”:
• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for two months during the 4-month reckoning period;
• Has attended the last general assembly.
Class “D”:
• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for three months during the 4-month reckoning period;
• Failed to attend the last general assembly
Class “E”:
• Members who failed to pay loans for three (3) months or more during the term of the loan;
• Failed to deposit for one or more months during the four-month reckoning
Who can borrow at FICCO?
All bonafide members who have complied with all of the following requirements;
• Attended pre-membership seminar;
• Paid seminar fee of P30;
• Paid membership fee of P30 and ID of P20;
• Enrolled and paid one hundred forty (P140) as required membership fee & one (1) month premium for the FICCO- Mutual Benefit Association
• Paid at least one (1) share or P 100 and pledge to complete minimum share capital requirement of thirty (30) shares or 3,000 within one year;
• Deposited five hundred (P500) pesos in his/her savings deposit;
• Have undergone the probationary period of four (4) months from the date of initial share deposit (except those availing of loans against their deposits, which may be done even during the probationary period); and
• Have attended a loan briefing that covers a review of the core coop values and current loan policies.
• Attended pre-membership seminar;
• Paid seminar fee of P30;
• Paid membership fee of P30 and ID of P20;
• Enrolled and paid one hundred forty (P140) as required membership fee & one (1) month premium for the FICCO- Mutual Benefit Association
• Paid at least one (1) share or P 100 and pledge to complete minimum share capital requirement of thirty (30) shares or 3,000 within one year;
• Deposited five hundred (P500) pesos in his/her savings deposit;
• Have undergone the probationary period of four (4) months from the date of initial share deposit (except those availing of loans against their deposits, which may be done even during the probationary period); and
• Have attended a loan briefing that covers a review of the core coop values and current loan policies.
Loans offered online?
If you are a member of FICCO who is out of the country right now.
- How would you react if FICCO will offer loan applications online? and evaluate your loan application online?
- Would you be willing to avail loans online?
- Are you convenient with bank transfer? loan releases and loan payment?
Why is it better to deposit in Cooperatives than commercial banks?
There are rising awareness among regular citizen to realize that it is better to deposit money in cooperatives than commercial banks. We'll there are also a number of people testified banks are better options to park money.
I believe there are really advantages and disadvantages in deposits whether it be in commercial bank or in the cooperative. Allow me to cite a few:
Deposits in Cooperatives:
Does that help? If you still have doubts about coops, email me.
I believe there are really advantages and disadvantages in deposits whether it be in commercial bank or in the cooperative. Allow me to cite a few:
Deposits in Cooperatives:
- "Tax Free". Deposits in a cooperatives are not subject to withholding tax.
- Higher Interest Rates. Normally deposits in cooperatives have higher yields than those with the banks. Banks offer 1-2% p.a. interest rates while cooperatives rates starts at 4% and up.
- "No Deposit Insurance" as of the time of this writing most of the cooperatives developed only an inhouse insurance system on members deposit. There were a series of studies conducted to create something like PDIC but until now there is nothing that can be evidently visible. Lately, there is what we call CODIS (Cooperative Deposit Insurance System) they were able to submit requirements at government agencies regarding their registration but no news about it since submission last Jan 09 if I am not mistaken.
- Subject to 20% final withholding tax. a depositor once told to earn a certain rate on their savings deposit must always remember that the actual amount credited on their account is only 18% of it.
- Interest rate at 1 - 2% p.a. only.
- Deposits insured up to P500,000 by the Philippine Deposit Insurance Commission (PDIC)
Does that help? If you still have doubts about coops, email me.
DCCCO Deposit Products and Interest Rates
Dumaguete Cathedral Credit Cooperative or DCCCO
Regular Savings
- average daily balance to earn interest - P1,000.00
- minimum required for MDAB purposes at the time of death – P500.00
- earns interest of 3% computed monthly compounded quarterly
ATM Savings:
- average daily balance to earn interest – P 1,000.00
- balances falling below P 500.00 is charge service fee of P5.00
- earns interest of 3% computed monthly compounded quarterly
Equity Savings
- average daily balance to earn interest - P1,000.00;
- can be used for loaning purposes if the share capital/fixed deposit reaches to PhP 20,000.00
- non-withdrawable unless member’s loan is fully paid or for full payment of loan
Time Deposit
- minimum deposit of P5,000.00 for minimum placement of 30 days. Interest is 3.5% - 5% depending upon the amount of deposit and the inflation rate.
Kiddie Savers
- for kids 13 years old and below
- with rewards for highest depositors
- can avail of the scholarship program, MDABF & medical/dental care benefits
Teen Savers
- for teens aging over 13 to 17 years old
- same terms as Kiddie Savers
DCCCO Loan availments
-
New member less than three (3) months can avail of loan at a maximum amount equivalent to his/her share capital.
-
New member more than three months can avail of loan twice of his/her share capital.
-
Member in Good Standing (MIGS) depends on his/her classification.
-
Non-Member In Good Standing (Non-MIGS) depends on the assessment of the loans division personnel.
-
Member can also avail of loan against his/her time deposit at a maximum amount equivalent to 90% thereof.
Eligibility for a loan from Dumaguete Cathedral Credit Cooperative (DCCCO) does not confer automatic right on the member to avail of a loan. The member's loan privilege would depend on his credit standing and status as a member.
What are the types of deposits?
There are several deposit products of FICCO, they're listed below:
- Savings Deposit. Deposit that can be withdrawn anytime, provided it is not encumbered with any loans with FICCO. Encumbered deposits are withdrawable only upon payment of loan is completed.
- Time Deposit. This is otherwise known as term deposit. has a special higher rate than the regular savings deposit. FICCO normally offers a one month rollover TD to its members.
- Special Deposits. Are deposits from associate members of FICCO. This is withdrawable anytime
- Retirement Savings. a special type of deposits designed for members retirement for a period of 5 years.
- Installment Savings. a special type of deposit designed for members installment savings for a period of 5 years
- Young Savers. Deposit for kids 3 y.o. to 13 y.o.
- Youth Savers. Deposit for teens ages 14 y.o. - 17 y.o.
- Preferred stocks. capital deposits from associate members of FICCO is under this account.
- Common Stock (commonly known as Share Capital). Deposit that cannot be withdrawn anytime. This deposit is withdrawable only if one wishes to terminate his membership with FICCO.
How to become FICCO member?
Becoming a FICCO member is relatively easy, you only do the following steps and comply the following requirements:
On the other hand, next part is more challenging to a new member. this is to maintain the habit of savings for the next 4 months and to raise P 3,000 in order for him to become a regular member. Over this a member has to maintain P 90 for MBA per month. Mutual Benefit Association (MBA) is the FICCO micro insurance for its members. Insurance is very important for us, I have written an article on this previously titled "Is insurance imporant?"
- Ask for an application for membership.
- Submit application for membership and the requirements (i.e. Brgy. certification, Residence Certificate). Upon completion of step 1 and 2 you are given a schedule to attend Pre-membership Seminar (PMS).
- Attend the PMS on your scheduled date. The normal PMS day is Saturday 1:00-4:00Pm, subject to questions and answer. Note: before the PMS start you are normally given the Specimen signature card and MBA application. You may fill it up in advance.
- Deposit the required amounts P 100 share, P 100 savings, P 50 MBA membership fee, P90 MBA contribution (1 mo and P90 per mo. thereafter).
- Get your savings and share capital passbook 3 to 4 days after or as may be advice by FICCO staff.
On the other hand, next part is more challenging to a new member. this is to maintain the habit of savings for the next 4 months and to raise P 3,000 in order for him to become a regular member. Over this a member has to maintain P 90 for MBA per month. Mutual Benefit Association (MBA) is the FICCO micro insurance for its members. Insurance is very important for us, I have written an article on this previously titled "Is insurance imporant?"
Roach Not Satisfied with Manny Today
His (Pacquiao’s) performance today isn’t the way he’s gonna beat Cotto. But that’s part of the process, That’s part of training camp and that’s why we’re here. That’s something we’re working on – to get him ready for the fightThis was the comment made by Freddie Roach after the sparring match between Manny and Shawn Porter at the Baguio gym. Roach said he leaned too much on the ropes and Porter was able to caught Pacquiao with good right leads, a couple of straights to the face, and left jabs identical to techniques of Cotto. Roach in short is not satisfied with the performance of Manny and plans to close the gym for more focus. He rated Manny's training at 40% considering his performance with Porter.
Every fighter can't just be underestimated Cotto being the younger fighter has an advantage on his own. Manny has to make up with his training and shouldn't give the other the chance to pin him down.
Like many others, I can't wait to see PacMan and Cotto in the ring.
How to make money thru Paypal
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PacMan Donates 1 Million to Ondoy
Boxing - Manny Pacquiao donates 1 Million to tropical storm victim "Ondoy", expresses sympathy while training in Baguio the boxing icon did his part in the Pinoy Bayanihan to extend help to affected families of storm Ondoy.
ON the other hand PacMans sparring partner is strong and tall, Shawn Porter.
ON the other hand PacMans sparring partner is strong and tall, Shawn Porter.
Porter, undefeated in 10 fights, with six knockout wins coming in the first round, raised some eyebrows when he climbed the ring to spar with Manny. He seemed too big for Pacquiao, who will fight Cotto at 145 lb.
“He was much bigger but that’s good because he got to push Manny around. I also think he’s the heaviest puncher Manny has ever sparred with. But a few more sessions and I don’t think he can last with Manny,” said Koncz.
The doors to the boxing gym where Pacquiao will train for the next four weeks were closed to the media and fans yesterday, particularly since it was the first day of sparring for the reigning pound-for-pound champion.
Class Suspended for 1 Week
All levels in Metro Manila and typhoon "Ondoy" affected areas has been declared no class for the rest of the week by PGMA.
Clean operation and rehabilitation for affected residents as well as classrooms by students was given a go first by the NDCC and the DepEd in a meeting yesterday.
170 public school buildings are also being used as evacuation centers where some 10,000 families are currently taking refuge. The DepEd’s Disaster Risk Reduction Management Office added the school buildings that were turned into evacuation centers are currently sheltering a total of 9,129 families or 18,199 people.
Lapus also urged parents and teachers to reactivate “Brigada Eskwela” and help in the clean up of the flooded school buildings.
"Ondoy" Manila Floods Pics
Here are a number of pics collection of storm Ondoy (Ketsana internationally known as):
For the love of this country - What can you do?
(This is from a yahoo group which I am a member)
To all Filipinos Everywhere:
I used to think that corruption and criminality in the Philippines were caused by poverty. But recent events tell me this isn't true. It is one thing to see people turn into drug addicts, prostitutes, thieves and murderers because of hunger and poverty, but what excuse do these rich, educated people have that could possibly explain their bizarre behavior? And to think I was always so relieved when petty snatchers got caught and locked away in jail because I never fully realized that the big time thieves were out there, making the laws and running our country. Can it get any worse than this?
Every night, I come home and am compelled to turn on my tv to watch the latest turn of events. I am mesmerized by these characters. They are not men. They are caricatures of men - too unreal to be believable and too bad to be real. To see these "honorable" crooks lambast each other, call each one names, look each other in the eye and accuse the other of committing the very same crimes that they themselves are guilty of, is so comical and apalling that I don't know whether to laugh or cry. It is entertainment at its worst!
I have never seen so many criminals roaming around unfettered and looking smug until now. These criminals wear suits and barongs, strut around with the confidence of the rich and famous, inspire fear and awe from the very citizens who voted them to power, bear titles like "Honorable", "Senator", "Justice", "General" and worse, "President". Ironically, these lawless individuals practice law, make our laws, enforce the law. And we wonder why our policemen act the way they do! These are their leaders, and the leaders of this nation – Robin Hoodlum and his band of moneymen. Their motto? "Rob the poor, moderate the greed of the rich."
It makes me wonder where on earth these people came from, and what kind of upbringing they had to make them act the way they do for all the world to see. It makes me wonder what kind of schools they went to, what kind of teachers they had, what kind of environment would produce such creatures who can lie, cheat and steal from an already indebted country and from the impoverished people they had vowed to serve. It makes me wonder what their children and grandchildren think of them, and if they are breeding a whole new generation of improved Filipino crooks and liars with maybe a tad more style but equally negligible conscience. Heaven forbid!
I am an ordinary citizen and taxpayer. I am blessed to have a job that pays for my needs and those of my family's, even though 30% of my earnings go to the nation's coffers. Just like others in my lot, I have complained time and again because our government could not provide enough of the basic services that I expect and deserve. Rutty roads, poor educational system, poor social services, poor health services, poor everything. But I have always thought that was what all third world countries were all about, and my complaints never amounted to anything more.
And then this. Scandalous government deals. Plundering presidents pointing fingers. Senators associated with crooks. Congressmen who accept bribes. Big time lawyers on the side of injustice. De Venecia ratting on his boss only after his interminable term has ended, Enrile inquiring about someone's morality! The already filthy rich Abalos and Arroyo wanting more money than they or their great grandchildren could ever spend in a lifetime. Joker making a joke of his own "pag bad ka, lagot ka!" slogan.. Defensor rendered defenseless. Gen. Razon involved in kidnapping. Security men providing anything but a sense of security. And it's all about money, money, money that the average Juan de la Cruz could not even imagine in his dreams. Is it any wonder why our few remaining decent and hardworking citizens are leaving to go work in other countries?
And worst of all, we are once again saddled with a power-hungry president whose addiction has her clinging on to it like barnacle on a rusty ship. "Love (of power) is blind" takes a whole new meaning when PGMA time and again turns a blind eye on her husband's financial deals. And still blinded with all that is happening, she opts to traipse around the world with her cohorts in tow while her country is in shambles.
They say the few stupid ones like me who remain in the Philippines are no longer capable of showing disgust. I don't agree. Many like me feel anger at the brazenness of men we call our leaders, embarrassment to share the same nationality with them, frustration for our nation and helplessness at my own ineffectuality. It is not that I won't make a stand. It is just that I am afraid my actions would only be futile. After all, these monsters are capable of anything. They can hurt me and my family. They already have, though I may not yet feel it..
But I am writing this because I need to do something concrete. I need to let others know that ordinary citizens like me do not remain lukewarm to issues that would later affect me and my children. I want to make it known that there are also Filipinos who dream of something better for the Philippines. I want them to know that my country is not filled with scalawags and crooks in every corner, and that there are citizens left who believe in decency, fairness, a right to speak, a right to voice out ideas, a right to tell the people we have trusted to lead us that they have abused their power and that it is time for them to step down. I refuse to let this country go to hell because it is the only country I call mine and it is my responsibility to make sure I have done what I could for it.
Those of us who do not have the wealth, power or position it needs to battle the evil crime lords in the government can summon the power of good. We can pray. We can do this with our families every night. We can offer petitions every time we celebrate mass. We can ask others to pray, too, including relatives and friends here and overseas. And we can offer sacrifices along with our petitions, just so we get the message to Him of our desperation in ridding our nation of these vermin. After all, they cannot be more powerful than God!
I implore mothers out there to raise your children the best way you can. Do not smother, pamper, or lavish them with too much of the material comforts of life even if you can well afford them. Teach them that there are more important things in this world. I beg all fathers to spend time with their children, to teach them the virtues of hard work, honesty, fair play, sharing, dignity and compassion – right from the sandbox till they are old enough to go on their own. Not just in your homes, but at work, in school, everywhere you go. Be good role models. Be shining examples for your children so they will learn to be responsible adults who will carry and pass on your family name with pride and honor.
I call on educators and teachers – we always underestimate the power of your influence on the minds of our youth. Encourage them to be aware of what is happening in their surroundings. Instill in them a love of their country, inculcate in them the value of perseverance in order to gain real, worthwhile knowledge, help us mold our children into honorable men and women. Encourage our graduates, our best and brightest, to do what they can to lift this country from the mire our traditional politicians have sunk us into. The youth is our future – and it would be largely because of you, our educators, that we will be able to repopulate the seats of power with good leaders, presidents, senators, congressmen, justices, lawmakers, law enforcers and lawful citizens.
I ask all students, young people and young professionals everywhere to look around and get involved in what is happening. Do not let your youth be an excuse for failure to concern yourselves with the harsh realities you see. But neither let this make you cynical, because we need your idealism and fresh perspective just as you need the wisdom of your elders. YOUR COUNTRY NEEDS YOU! Let your voices be heard. Do what you can for this land that gave you your ancestors and your heritage. Use technology and all available resources at hand to spread good. Text meaningful messages to awaken social conscience. Try your best to fight moral decay because I promise you will not regret it when you become parents yourselves. You will look back at your past misdeeds and pray that your children will do better than you did.
Remember that there are a few handful who are capable of running this country.. You can join their ranks and make their numbers greater. We are tired of the old trapos. We need brave idealistic leaders who will think of the greater good before anything else. Do your utmost to excel in your chosen field.. Be good lawyers, civil servants, accountants, computer techs, engineers, doctors, military men so that when you are called to serve in government, you will have credibility and a record that can speak for itself.
For love of this country, for the future of our children, for the many who have sacrificed and died to uphold our rights and ideals, I urge you to do what you can. As ordinary citizens, we can do much more for the Philippines than sit around and let crooks lead us to perdition. We owe ourselves this. And we owe our country even more.
(updated 14-Oct-2009 read the comment below)
To all Filipinos Everywhere:
I used to think that corruption and criminality in the Philippines were caused by poverty. But recent events tell me this isn't true. It is one thing to see people turn into drug addicts, prostitutes, thieves and murderers because of hunger and poverty, but what excuse do these rich, educated people have that could possibly explain their bizarre behavior? And to think I was always so relieved when petty snatchers got caught and locked away in jail because I never fully realized that the big time thieves were out there, making the laws and running our country. Can it get any worse than this?
Every night, I come home and am compelled to turn on my tv to watch the latest turn of events. I am mesmerized by these characters. They are not men. They are caricatures of men - too unreal to be believable and too bad to be real. To see these "honorable" crooks lambast each other, call each one names, look each other in the eye and accuse the other of committing the very same crimes that they themselves are guilty of, is so comical and apalling that I don't know whether to laugh or cry. It is entertainment at its worst!
I have never seen so many criminals roaming around unfettered and looking smug until now. These criminals wear suits and barongs, strut around with the confidence of the rich and famous, inspire fear and awe from the very citizens who voted them to power, bear titles like "Honorable", "Senator", "Justice", "General" and worse, "President". Ironically, these lawless individuals practice law, make our laws, enforce the law. And we wonder why our policemen act the way they do! These are their leaders, and the leaders of this nation – Robin Hoodlum and his band of moneymen. Their motto? "Rob the poor, moderate the greed of the rich."
It makes me wonder where on earth these people came from, and what kind of upbringing they had to make them act the way they do for all the world to see. It makes me wonder what kind of schools they went to, what kind of teachers they had, what kind of environment would produce such creatures who can lie, cheat and steal from an already indebted country and from the impoverished people they had vowed to serve. It makes me wonder what their children and grandchildren think of them, and if they are breeding a whole new generation of improved Filipino crooks and liars with maybe a tad more style but equally negligible conscience. Heaven forbid!
I am an ordinary citizen and taxpayer. I am blessed to have a job that pays for my needs and those of my family's, even though 30% of my earnings go to the nation's coffers. Just like others in my lot, I have complained time and again because our government could not provide enough of the basic services that I expect and deserve. Rutty roads, poor educational system, poor social services, poor health services, poor everything. But I have always thought that was what all third world countries were all about, and my complaints never amounted to anything more.
And then this. Scandalous government deals. Plundering presidents pointing fingers. Senators associated with crooks. Congressmen who accept bribes. Big time lawyers on the side of injustice. De Venecia ratting on his boss only after his interminable term has ended, Enrile inquiring about someone's morality! The already filthy rich Abalos and Arroyo wanting more money than they or their great grandchildren could ever spend in a lifetime. Joker making a joke of his own "pag bad ka, lagot ka!" slogan.. Defensor rendered defenseless. Gen. Razon involved in kidnapping. Security men providing anything but a sense of security. And it's all about money, money, money that the average Juan de la Cruz could not even imagine in his dreams. Is it any wonder why our few remaining decent and hardworking citizens are leaving to go work in other countries?
And worst of all, we are once again saddled with a power-hungry president whose addiction has her clinging on to it like barnacle on a rusty ship. "Love (of power) is blind" takes a whole new meaning when PGMA time and again turns a blind eye on her husband's financial deals. And still blinded with all that is happening, she opts to traipse around the world with her cohorts in tow while her country is in shambles.
They say the few stupid ones like me who remain in the Philippines are no longer capable of showing disgust. I don't agree. Many like me feel anger at the brazenness of men we call our leaders, embarrassment to share the same nationality with them, frustration for our nation and helplessness at my own ineffectuality. It is not that I won't make a stand. It is just that I am afraid my actions would only be futile. After all, these monsters are capable of anything. They can hurt me and my family. They already have, though I may not yet feel it..
But I am writing this because I need to do something concrete. I need to let others know that ordinary citizens like me do not remain lukewarm to issues that would later affect me and my children. I want to make it known that there are also Filipinos who dream of something better for the Philippines. I want them to know that my country is not filled with scalawags and crooks in every corner, and that there are citizens left who believe in decency, fairness, a right to speak, a right to voice out ideas, a right to tell the people we have trusted to lead us that they have abused their power and that it is time for them to step down. I refuse to let this country go to hell because it is the only country I call mine and it is my responsibility to make sure I have done what I could for it.
Those of us who do not have the wealth, power or position it needs to battle the evil crime lords in the government can summon the power of good. We can pray. We can do this with our families every night. We can offer petitions every time we celebrate mass. We can ask others to pray, too, including relatives and friends here and overseas. And we can offer sacrifices along with our petitions, just so we get the message to Him of our desperation in ridding our nation of these vermin. After all, they cannot be more powerful than God!
I implore mothers out there to raise your children the best way you can. Do not smother, pamper, or lavish them with too much of the material comforts of life even if you can well afford them. Teach them that there are more important things in this world. I beg all fathers to spend time with their children, to teach them the virtues of hard work, honesty, fair play, sharing, dignity and compassion – right from the sandbox till they are old enough to go on their own. Not just in your homes, but at work, in school, everywhere you go. Be good role models. Be shining examples for your children so they will learn to be responsible adults who will carry and pass on your family name with pride and honor.
I call on educators and teachers – we always underestimate the power of your influence on the minds of our youth. Encourage them to be aware of what is happening in their surroundings. Instill in them a love of their country, inculcate in them the value of perseverance in order to gain real, worthwhile knowledge, help us mold our children into honorable men and women. Encourage our graduates, our best and brightest, to do what they can to lift this country from the mire our traditional politicians have sunk us into. The youth is our future – and it would be largely because of you, our educators, that we will be able to repopulate the seats of power with good leaders, presidents, senators, congressmen, justices, lawmakers, law enforcers and lawful citizens.
I ask all students, young people and young professionals everywhere to look around and get involved in what is happening. Do not let your youth be an excuse for failure to concern yourselves with the harsh realities you see. But neither let this make you cynical, because we need your idealism and fresh perspective just as you need the wisdom of your elders. YOUR COUNTRY NEEDS YOU! Let your voices be heard. Do what you can for this land that gave you your ancestors and your heritage. Use technology and all available resources at hand to spread good. Text meaningful messages to awaken social conscience. Try your best to fight moral decay because I promise you will not regret it when you become parents yourselves. You will look back at your past misdeeds and pray that your children will do better than you did.
Remember that there are a few handful who are capable of running this country.. You can join their ranks and make their numbers greater. We are tired of the old trapos. We need brave idealistic leaders who will think of the greater good before anything else. Do your utmost to excel in your chosen field.. Be good lawyers, civil servants, accountants, computer techs, engineers, doctors, military men so that when you are called to serve in government, you will have credibility and a record that can speak for itself.
For love of this country, for the future of our children, for the many who have sacrificed and died to uphold our rights and ideals, I urge you to do what you can. As ordinary citizens, we can do much more for the Philippines than sit around and let crooks lead us to perdition. We owe ourselves this. And we owe our country even more.
(updated 14-Oct-2009 read the comment below)
Ang Ladlad Ask for Comelecs Accreditation
For the second time the group led by Danton Remoto filed a petition before the Comelec urging the poll body to allow them to participate in the 2010 elections. Gays, lesbians, bisexuals and transgenders are said to account for 10 percent of the total 43.5 million registered voters nationwide.
Two years ago Comelec junked their petition for accreditation citing the failure to comply with the legal requirements of national membership.
Two years ago Comelec junked their petition for accreditation citing the failure to comply with the legal requirements of national membership.
- Public discrimination against them is said to be the main reason why Ang Ladlad is formed. Equal opportunities for gays and lesbians is their aim.
- ang Ladlad push for the repeal of the Anti-Vagrancy Law, which he said is commonly used by unscrupulous policemen for extortion of gays.
Think and Grow Rich
Grab "Think and Growm Rich Ebook" when you subscribe to my mailing list. Send me an email at toti.patrimonio@gmail.com after you subscribe to my mailing list.
We're on Page 8 - MFS Blogger Gallery
I received an email that Philippine Coop Blog was directly added by its Admin of MFS Blogger Gallery on Page 8.
I think we're really getting respect from bloggers community. It is an honor for the Philippine Cooperative Blog to get somewhere from a very monimal amount of visit when it started 3 years ago.
The page on MFS Blogger Gallery is feature on this link to inform you all that we are getting popular among blog list.
Though I must admit there are some articles not really related to cooperatives, forgive my write ups, these were just made to further the visitors and keep the momentum of each visits by loyal readers. Blogging after all is more than just sharing the information it is giving away your passion.
THese all for the love of blogging.
I Am the Hottest Link on Twitter! ClickAdsOnline
(click the image to enlarge)I was very surprise to see I was one of the hottest link on Twitter! Lol!
ClickAdsOnline, my twitter account have 300+ retweets in my 10 original tweets. That's a swift victory for a span of 2 hours online and gain this top position in twitter. Proudly Pinoy!
Just in case you might want some proof here's the link: http://tweetmeme.com/user/clickadsonline
Not many twitter users hailed for this. I wasn't expecting to lead, I was only hoping for a traffic in this blog inviting people in many areas of the world somehow know we exist!
My Beloved Philippines
FW: PICPA Coop DEv Group forwarded this to me. I believe it is worth sharing over this blog.
by Father James Reuter, S.J.
By her own admission, GMA (Gloria Macapagal Arroyo) rightfully assessed that over the last decades; our republic has become one of the weakest, steadily left behind by its more progressive neighbors.' Forty years ago, we were only second to Japan in economic stature, and way ahead of Singapore , Hong Kong , Malaysia , and Thailand . Today, at our present growth rate, it will take us 30 years to get to where Thailand is.
1.. A population of 160 Million;
2. Of those, 70 to 90 million (equivalent to our current population) will live below the poverty line;
3. Our national debt is estimated to be at US$200B (compared to US$28B when Marcos fled, and US$53B today);
4. We will be competing, not against Thailand or even Vietnam , but against Bangladesh ;
5. We will be the most corrupt nation in Asia , if not in the world (we're already ranked 11th most corrupt nation by Transparency International) ...
The signs are clear. Our nation is headed towards an irreversible path of economic decline and moral decadence. It is not for lack of effort. We've seen many men and women of integrity in and out of government, NGOs, church groups & people's organization devote themselves to the task of nation-building, often times against insurmountable odds.
But not even two people's revolutions, bloodless as they may be, have made a dent in reversing this trend.. At best, we have moved one step forward, but three steps backward.
We need a force far greater than our collective efforts, as a people, can ever hope to muster. It is time to move the battle to the spiritual realm.. It's time to claim GOD's promise of healing of the land for His people. It's time to gather GOD's people on its knees to pray for the economic recovery and moral reformation of our nation.
Is prayer really the answer? Before you dismiss this as just another rambling of a religious fanatic, I'd like you to consider some lessons we can glean from history.
England 's ascendancy to world power was preceded by the Reformation, a spiritual revival fueled by intense prayers.
The early American settlers built the foundation that would make it the most powerful nation today - a strong faith in GOD and a disciplined prayer life.. Throughout its history, and especially at its major turning points, waves of revival and prayer movement swept across the land.
In recent times, we see Korea as a nation experiencing revival and in the process producing the largest Christian church in the world today, led by Rev. Paul Yongi Cho. No wonder it has emerged as a strong nation when other economies around it are faltering.
Even from a purely secular viewpoint, it makes a lot of sense. For here there is genuine humbling & seeking of GOD through prayer, moral reformation necessarily follows. And this, in turn, will lead to general prosperity. YES, we believe prayer can make a difference. It's our only hope.
Today, we launch this email brigade, to inform Filipinos from all over the world to pray, as a people, for the economic recovery and moral reformation of our nation. We do not ask for much. We only ask for 5 minutes of your time in a day, to fwd this email to your close friends and relatives.
This is the kind of unity which can make a big difference. Of course, if you feel strongly, as I do, about the power of prayer, you can be more involved by starting your own prayer group or prayer center.
We have tried people power twice; in both cases, it fell short. Maybe it's time to try prayer power. GOD never fails. Is there hope? YES! We can rely on God's promise, but we have to do our part. If we humble ourselves and pray as a people, GOD will heal our land. By GOD's grace, we may yet see a better future for our children.
'If My people, who are called by My name, will humble themselves and pray, and seek My face, and turn from their wicked ways, then will I hear from Heaven, and will forgive their sins, and will heal their land.'(2 Chronicles 7:14).
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